Nasdaq drops 3% as tech earnings disappoint investors
The Nasdaq lost 3% on Friday, its weakest day since June, following disappointing earnings from major tech firms like Alphabet, Amazon, and Roblox. Intel and Reddit both fell 29% on weak results and declining traffic, respectively.
The Nasdaq lost 3% on Friday, its weakest day since June, falling nearly 10% from its early October high. This followed disappointing earnings from major tech firms like Alphabet, Amazon, and Roblox. Intel's stock fell 29% after weak results. Reddit also dropped 29%, citing declining traffic from Google due to AI overviews; the company plans to restrict access to registered users only.
Kioxia, a Japanese memory chip maker, surprised analysts by stating uncertainty over next year's price increases despite high demand, despite strong recent earnings from memory chip players.