Five of the world's most valuable technology giants have seen their stock prices fall as much as 20 per cent from their record highs following poor earnings and disappointing forecasts.
Tech investors closed their selloff of Facebook, Apple, Amazon, Netflix and Google after each firm sustained sharp declines.
Although the five companies have been a safe bet for many years, the tide has changed in recent weeks.
Facebook was hit particularly hard with a fall of 39 per cent below its year high following bad publicity over its hand in the spread of fake news and the Cambridge Analytica data privacy scandal.
Google has been hit by similar data protection issues, while experts suggest that Apple's stock slump is the result of the hefty price tags of its recent iPhones.
Netflix said its drop was the result of incoming competition from Disney and Apple, which are both heavily rumoured to be starting up their own TV streaming services, while Amazon blamed a widespread sell-off in tech stock.
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Apple has been experiencing a continued fall of 20 per cent from its record high and Facebook took the biggest hit yesterday as it slumped by 39% because of its meddling in the US election. Pictured: Apple CEO Tim Cook and Mark Zuckerberg, right
Facebook sank 5.7 per cent to £102 ($131.55) - its lowest level since February 2017.
This will also likely be the third consecutive month that Facebook will record a loss in its share price - the longest down period in its history.
Jason Calacanis, an early investor in the company who sold off shares after deciding CEO Mark Zuckerberg was 'completely immoral'.
Tech investors closed their selloff of Facebook, Apple, Amazon, Netflix and Google of the five all sustaining sharp declines, pushing them into 'bear territory'. The five companies whose rises helped drive stock markets to record highs have all suffered sharp losses in recent weeks
Big technology and internet companies tumbled again Monday, leading to broad losses across the stock market as Facebook is on pace for its longest ever losing streak. The social media giant sank 5.7 per cent to $131.55 - its lowest level since February 2017
He told reporters yesterday that the social network had entered a crisis stage and questioned whether Facebook had reached its peak.
Mr Calacanis said: 'It's possible, maybe not probable but possible, this could be their AOL peak, their Yahoo peak,' referring to years of slow decline in the audience of the early internet leaders once they reached their peak.
Amazon's stock continued to fall with a dip of 25 per cent since its projected outlook at the beginning of October didn't meet expectations.
The stock's decline during this period has been fuelled both by a sell-off in tech stocks and Amazon's worse than expected guidance for its fourth quarter.
| COMPANY | YEAR HIGH | YEAR LOW | PERCENTAGE DROP |
|---|---|---|---|
| 1,291.44 | 984.00 / 39.5% | - 5.6% | |
| Amazon | 2,050.50 | 1,122.55 / 25.4% | -5.09% |
| Apple | 233.47 | 150.24 / 20.5% | -3.96% |
| Netflix | 423.21 | 178.38 / 35.6% | -5.45% |
| Alphabet (Google) | 1,291.44 | 984.00 / 20.3% | -3.82% |
It has been widely reported that Apple had been experiencing a continued 20 per cent dip and are suffering after rumours emerged that the firm has slashed production for new iPhone models, leaving investors to unsure
Cloud computing company Amazon fell sharply yesterday. The stock ended the trading day down about 5.1%. Amazon's decline on Monday puts shares down about 25% since the beginning of October.
Streaming company Netflix stock has now plunged 35.4 per cent since closing at a record high of £326 ($418) in late June. Its CEO said that their continued slump is because they will face 'huge competition from Disney and Apple'
Google parent company Alphabet
It has been widely reported that Apple had been experiencing a continued 20 per cent dip after rumours emerged that the firm has slashed production for new iPhone models, leaving investors unsure.
Tech experts have speculated that Apple are lacking in innovative ideas and the hefty price tags on their devices have become too much for consumers.
Streaming company Netflix stock has now plunged 35.4 per cent since closing at a record high of £326 ($418) in late June.
Gina Sanchez, CEO of Chantico Global said in October that the valuation is still 'sky-high' and that the company is facing huge competition in the streaming market from Apple and Disney.
Google's parent company Alphabet's stock closed Monday at $1,020 a share, marking a 20% decline from its record high of £991 ($1,273.84) a share in late July.
Like Facebook, Google has also come under scrutiny over privacy issues that resulted in a fine of £3.94 billion ($5.07 bn) imposed by the European Union fine.
The company have appealed the fine.
Google CEO Sundar Pichai is due to testify before Congress on data protection and related issues this year.
Although the five companies have been a safe bet for many years, the tide has changed for them in recent weeks (stock image)
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Main photo article Five of the world’s most valuable technology giants have seen their stock prices fall as much as 20 per cent from their record highs following poor earnings and disappointing forecasts.
Tech investors closed their selloff of Facebook, Apple, Amazon, Netflix and Google after each firm...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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