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IT giants completed the worst financial quarter in recent years

The value of the world's largest technology companies fell in the second quarter of 2022. Central banks raise interest rates to prevent inflation. Russia's actions in Ukraine are undermining business and exacerbating the supply problems that arose during the COVID-19 pandemic.

Stocks tumbled towards the end of the second quarter, triggering the S&P 500's weakest half year since 1970. The S&P 500 fell 16% and the Nasdaq Composite fell 22%.

In the past three months, electric car maker Tesla experienced its biggest quarterly drop since its public offering in 2010, with the company's shares falling nearly 38%. In the second quarter, Tesla CEO Elon Musk began talks to acquire Twitter for $44 billion.

Amazon shares fell almost 35%, the biggest drop since the third quarter of 2001. The company failed to justify analysts' earnings estimates due to a slowdown in revenue growth in April. At the beginning of last month, it was announced that Amazon's head of e-commerce, Dave Clark, would be leaving the company.

Shares of Alphabet-owned Google fell almost 22% at the end of the second quarter, the company's worst performance since the fourth quarter of 2008. Microsoft shares fell about 17%, the biggest drop since the second quarter of 2010.

Over the past three months, securities have fallen in price by 22%, which was the company's worst performance since the fourth quarter of 2018. Meta shares fell by 27%, in the first quarter the corporation's assets fell by 34%.

Michael Zippo
2022/07/03

https://linkedin.com/in/michael-zippo-9136441b1
[email protected]

Sources: Python.Engineering, CNBC

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