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☆ Amazon slumps as tech selloff worsens
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

The dour outlook worsened this week's tech selloff amid fears of a looming recession, weighing on shares of Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O) and Microsoft Corp (MSFT.O). Amazon's shares, which were down 12.8% at $96.77, were trading at their lowest since March 2020. "Despite accelerating revenues, Amazon has been cut down to size by the market after missing expectations. While the cloud services segment has been one of high and sustained growth for tech companies, indications for Amazon, Microsoft and Intel Corp (INTC.O) this week point to lower investments as costs rise. Reporting by Akash Sriram and Chavi Mehta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon shares slump, Big Tech peers stay afloat
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - Amazon.com Inc's (AMZN.O) shares fell about 8% on Friday after forecasting holiday-quarter sales below Wall Street estimates, while its Big Tech peers recovered from a bruising selloff this week. The online retailer, whose market cap briefly fell below $1 trillion, was last down 8.4% at $101.66, after hitting its lowest since April 2020. Apple Inc (AAPL.O), however, shone bright amid a crowd of dimming lights in the Big Tech space, as the iPhone maker reported revenue and profit that topped analysts' estimates. Microsoft, Alphabet and Meta gained between 1.2% and 3.1% after their shares were battered this week following gloomy outlook from the companies. The Big Tech stocks are on track to lose more than $400 billion this week.

[1/3] Facebook's new rebrand logo Meta is seen on smartphone in this illustration picture taken October 28, 2021. Executives announced plans to consolidate offices and said Meta would keep headcount flat through the end of 2023. Meta also forecast that its full-year 2023 total expenses would be $96 billion to $101 billion, significantly higher than a revised estimate for 2022 total expenses of $85 billion to $87 billion. It also forecast that operating losses associated with the Reality Labs unit responsible for its metaverse investments would grow in 2023 and pledged to "pace" investments after that. Chief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit.

REUTERS/Dado Ruvic/IllustrationOct 26 (Reuters) - Facebook parent Meta Platforms Inc (META.O) on Wednesday forecast a weak holiday quarter and significantly more losses from Metaverse investments next year, sending shares down 14%. Meta expects in 2023 to employ about the same number of employees as it did at the end of September. It also posted user growth figures roughly in line with expectations, including a year-over-year increase of monthly active users on flagship app Facebook. Total costs for the third quarter came in above estimates at $22.1 billion, compared with $18.6 billion the year prior. "Given revenues were down at a time when costs have grown significantly, modest user growth and impressions simply isn't going to bail you out."

The maker of KitKat chocolate bars and Nescafe reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. "We delivered strong organic growth as we continued to adjust prices responsibly to reflect inflation," the company's chief executive Mark Schneider said. "Sales volumes have held up well so far but we are a way from peak cost of living squeeze." As a result Nestle raised its full-year outlook, saying it now expected organic growth of "around 8%" for 2022, up from a 7% to 8% increase previously. The Swiss company also confirmed its target for a trading operating profit margin of around 17%.

The blue-chip FTSE 100 index (.FTSE) ended 0.9% higher, while the domestically focussed FTSE 250 index (.FTMC) closed 2.8% up. Both the indexes logged their third-straight day of gains, with the latter up more than 5%. Under the new policy, most of Truss's 45 billion pounds of unfunded tax cuts will go and a two-year energy support scheme for households and businesses - expected to cost well over 100 billion pounds - will now be curtailed in April. Register now for FREE unlimited access to Reuters.com RegisterHunt, who replaced Kwasi Kwarteng, said halting the planned tax cuts would raise 32 billion pounds ($36 billion) every year. Traders are now seeing a 68.2% chance of a 100 basis points hike at the central bank's Nov. 3 meeting.

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