Nasdaq futures drop over 1% as Microsoft, Google earnings fan slowdown fears

Nasdaq tech stock futures fell more than 1% on Wednesday as disappointing results and warnings from Microsoft and Alphabet triggered losses among mega-cap companies and raised fears of slowing economic growth.

Nasdaq futures drop more than 1% amid fears of slowdown from Microsoft and Google earnings fans

Reuters:

Microsoft Corp reported the lowest sales growth in five years and forecast second quarter revenue below Wall Street estimates, while Alphabet reported bearish ad sales and warned of slowing ad spending.

Shares of both companies fell roughly 6% each in pre-market trading and weighed on Amazon.com and Apple, which are expected to report results later this week. They fell by 3.7% and 0.9% respectively.

Shares of Meta Platforms fell by 3.9% and Pinterest by 4.1% as they are dependent on ad revenue. Shares of US-listed Spotify Technology fell 5.7% as margins came under pressure from slowing ad growth.

MacDailyNews takes: The big tech company most resilient to inflation and recession is Apple, thanks to its superior customer demographics.

Apple iPhone customers are the most recession-proof smartphone buyers. – MacDailyNews, September 7, 2022

And the same goes for Mac, Apple Watch, and iPad customers.

Analyst consensus predicts Apple will post earnings per share of $ 1.27 (versus $ 1.24 year-over-year) on revenue of $ 88.90 billion, up 6.60% year-over-year when the company will report fiscal earnings for the 422nd quarter after the bell on Thursday, October 27. As always, we will have the results for you around 1:30 PM PDT / 4:30 PM EDT as soon as they are released (check the home page at that time).

Help us support MacDailyNews. Click or tap here to support ours independent technology blog. Thank you!

Buy the Apple Store on Amazon.

Leave a Reply

Your email address will not be published. Required fields are marked *