Microsoft, Amazon shares get pummeled after earnings news |
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Microsoft, Amazon shares get pummeled after earnings news
What a difference a day makes. After releasing grim quarterly earnings yesterday, the region's two tech giants, Amazon.com and Microsoft, took a beating on Wall Street today -- and saw big chunks of market value evaporate.
Microsoft's market value lost nearly $19 billion as its stock fell more than 8 percent, to $23.45. The company on Thursday reported a 17 percent decline in revenue for its fiscal fourth quarter, to $13.1 billion, missing Wall Street's revenue expectations by more than $1 billion.
The stock slide came despite the Redmond company's completion this week of Windows 7, which has received positive reviews and demonstrated the potential to revive the Windows franchise in the eyes of businesses and consumers.
Amazon.com shares surged this week following the company's announcement that it will acquire online shoe retailer Zappos. But today, the first day of trading after Amazon reported a 10 percent drop in second quarter profit, the company's shares sank 7.86 percent to close at $86.49. That means Amazon lost more than $3 billion in market value in a single day.
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