Google, Apple, and AMD hotfoot the Nasdaq down as Enormous Tech’s market woes continue
In This Memoir
The Nasdaq and other major stock market indexes dipped Wednesday after underwhelming earnings stories from Google parent Alphabet (GOOGL-0.49%) and chipmaker Evolved Micro Devices (AMD+1.15%). Other tech stocks akin to Apple (AAPL+1.27%), Amazon (AMZN-0.73%), and Tesla (TSLA-0.03%) had been also within the purple.
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Within the afternoon, the tech-heavy Nasdaq used to be down about 0.05%, while the Dow Jones Industrial Average and S&P 500 added about 0.28% and nil.13%, respectively.
Alphabet and AMD stock falls after lacking income
Shares of Alphabet (GOOGL-0.49%) fell extra than 7% as the tech huge missed Wall Avenue’s earnings expectations for the fourth quarter no matter “sturdy momentum across the business.” The Google parent reported revenues of $96.5 billion for the fourth quarter — a 12% amplify one year-over-one year. Alphabet reported earnings of $2.15 per half, up 31% from the previous one year, and score income of $26.5 billion for the quarter ended in December.
The corporate used to be expected to file revenues of $96.7 billion for the fourth quarter of 2024, in step with analysts’ estimates compiled by FactSet (FDS-0.72%). Rep income used to be expected at $26.2 billion, while analysts estimated earnings of $2.13 per half.
Shares in chipmaker Evolved Micro Devices (AMD+1.15%) fell 7% after the company’s fourth-quarter records middle income missed expectations.
Disney is initiating to shed streaming subscribers
Disney’s (DIS+0.72%) streaming business once extra turned a income closing quarter. Nonetheless its flagship platform is initiating to lose subscribers.
The House of Mouse on Wednesday launched its fiscal first-quarter outcomes, with growth being driven essentially by the company’s box place of labor dominance and income beneficial properties in its streaming business. After rising 2.5% within the morning, the company’s shares had been down 1.63% within the afternoon.
The Ozempic boost is slowing down
Gross sales of Novo Nordisk’s (NVO-1.22%) blockbuster weight loss drug Wegovy doubled within the fourth quarter, however the Danish pharmaceutical huge warns that gross sales growth for all its medication — collectively with Ozempic — is expected to gradual within the impending one year.
Wegovy gross sales skyrocketed 107% to 19.8 billion Danish Krone ($2.8 billion) within the fourth-quarter of 2024, when put next with in 9.6 billion Danish Krone ($1.4 billion) all by the the the same duration closing one year. The drug correct beat analysts’ expectations of $2.7 billion, in step with a consensus estimate from FactSet.
The corporate’s stock rose with regards to 4.8% within the afternoon.
—Britney Nguyen and Bruce Gil contributed to this article.
