Despite better-than-expected results from Alphabet and Meta, investors dumped the stocks and rest of the tech sector over the past two days
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.sparked Alphabet shares are down by about 11% over the past two days, while Meta has dropped almost 7%. Amazon's stock has dropped more than 6% over that stretch, heading into its report after the close.
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