Tech stocks suffer two-day selloff as investors find 'wrinkle or two' in Alphabet, Meta earnings

Alphabet and Meta both reported better-than-expected results, but investors found concerning stories in each.At Meta, "management’s conservative tone tempered enthusiasm for a strong result and guide," wrote analysts from Guggenheim, in a report late Wednesday.

Ruth Porat, Alphabet's finance chief, told analysts that the numbers reflect "the impact of customer optimization efforts," a phrase that generally refers to clients reeling in their spending.by comments that CFO Susan Li provided on the earnings call regarding the advertising market in the fourth quarter. Due to the escalating conflict in the Middle East and uncertainty about how it will affect ad spending, Meta provided a wider revenue guidance range than normal, Li said.

Up to this point, 2023 has been a bounce-back year for mega-cap tech after a brutal 2022. Meta is the second-best performing stock in the S&P 500, behind only AI chipmaker, up roughly 140% for the year, compared to the Nasdaq's 21% gain. Alphabet has jumped 39% and Amazon has gained 42%.

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