Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Tech Down As Amazon Report Weighs -- Tech Roundup

07/30/2021 | 04:59pm EDT

Shares of technology companies fell as a surprisingly weak sales report from Amazon.com sowed worries that the pandemic-era tech boom was at an end.

Shares of Amazon fell by more than 7% after the online megastore posted a moderation in quarterly sales growth.

Amazon logged sales of $113 billion for the quarter ended in June, but that was somewhat short of the Wall Street peg of $115 billion, a development some analysts said suggested consumers may be slowing online shopping as the peak of the pandemic passes.

Pinterest shares plunged by roughly 20%, one of the largest retreats on record for the social networking company, after it reported slowing user growth, a hint that fewer people may be searching out online communities now that vaccines are widely available.

Overall, one brokerage said the tech sector had a stellar earnings season, however, with Apple, Microsoft and others posting growth ahead of targets.

"While it hasn't been plain sailing for tech stocks this past year...we see these results more than justifying their premium valuations," said Adam Vettese, an analyst at online brokerage eToro, in e-mailed commentary.

Growth in sales of chromebooks and tablets slowed somewhat in the second quarter, reflecting supply-chain challenges, and tough comparisons with the year earlier, according to research firm International Data Corp, as reported earlier.

Shares of Alibaba Holding and other Chinese Internet stocks resumed their decline as Beijing looked set to keep regulatory pressure on local tech companies.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-30-21 1658ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.65% 156.97 Delayed Quote.-32.17%
APPLE INC. -0.89% 147.72 Delayed Quote.12.31%
DJ INDUSTRIAL -0.51% 34616.51 Delayed Quote.12.97%
FINTECH ACQUISITION CORP. V 1.92% 10.375 Delayed Quote.0.00%
MICROSOFT CORPORATION -1.00% 301.71 Delayed Quote.37.05%
PINTEREST, INC. 0.02% 54.2661 Delayed Quote.-17.71%
S&P 500 -0.56% 4453.93 Delayed Quote.18.29%
Latest news "Economy & Forex"
12:11pRUPERT MURDOCH : Rupert Murdoch hires Piers Morgan in global TV, newspaper and book deal
12:09pEgypt central bank keeps key interest rates on hold
12:02pChina applies to join Pacific trade pact in bid to boost economic clout
11:59aChina applies to join Pacific trade pact in bid to boost economic clout
11:58aEQT-owned chemicals group Azelis valued at over $7 billion after setting IPO price
11:56aMalaysia says auditor KPMG to pay $80 million in 1MDB settlement
11:55aChs inc says expects its myrtle grove, louisiana, grain export terminal to be "operational for the core of corn and soybean harvest"
11:55aChs inc says its myrtle grove, louisiana, grain export terminal still without utility power after hurricane ida, exact recovery timeline uncertain
11:55aTravel, industrial stocks lead UK shares higher; Ashtead Group jumps
11:54aLebanon's new cabinet agrees policy programme
Latest news "Economy & Forex"