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By Staff Reporters
The Big Tech earnings boom is officially over, but some of the world’s most powerful and valuable companies are breaking off from the pack.
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According to MarketWatch, profit increases are no longer a given for Big Tech. Collectively, Alphabet Inc. GOOGL, +3.70% GOOG, +3.82%, Amazon.com Inc. AMZN, +4.65%, Apple Inc. AAPL, +4.52%, Meta Platforms Inc. FB, +17.59% and Microsoft Corp. MSFT, +2.26% saw profit fall more than 17% year-over-year in the first quarter in earnings reports delivered this week, as they lapped the end of a pandemic boom that brought record results. But only three of the five actually saw earnings decrease individually, as Amazon’s surprising loss swayed the collective results.
But, it wasn’t good for the company Teladoc, which is one of investor Cathie Wood’s biggest holdings. Teladoc plunged 40% on a gloomy forecast. The pandemic winner is now down nearly 90% from its high in February 2021.
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Filed under: Alerts Sign-Up, Glossary Terms, Information Technology, Investing | Tagged: big tech, Cathie Woods, FAANG, health information technology, HIT, Teladoc |
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