• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Amazon and Google just closed out their worst months on Wall Street since 2008

3 years ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
51
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Amazon and Google just closed out their worst months on Wall Street since 2008

Shares of Amazon and Google parent Alphabet just closed out their steepest monthly drops since the 2008 financial crisis.

The internet giants both reported weaker-than-expected quarterly results this week, hurt by a combination of macroeconomic factors, the war in Ukraine and tough comparisons to blowout numbers during the pandemic.

Amazon tumbled 23.8% in April, its biggest decline since falling 25.4% in November 2008, the same month that Google plummeted 18.5%. Alphabet had its worst month since that time, dropping 18% in April.

Throughout the first few months of 2022, investors have been rotating out of tech on fears of rising inflation and higher interest rates. Russia’s invasion of Ukraine in February, the spike in fuel prices that followed and an ongoing labor shortage have started to hit companies’ bottom lines.

The last time Amazon and Google saw this sort of selloff was during the heart of the global financial crisis, when borrowers were defaulting on home loans at record rates and many of the top financial institutions were failing. Lehman Brothers collapsed in September 2008, followed by a string of big Wall Street bailouts.

Read: Public Enterprises to use league table to assess performance of SOEs starting May 1

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Tech stocks got crushed across the board. The Nasdaq fell 11% in November, following an 18% slump in October.

It’s been a mixed bag for the Big Tech class so far this earnings season. Facebook reported better-than-expected profit though it missed on revenue and told investors that sales in the second quarter could drop from a year earlier. Apple beat expectations, but spooked investors after warning that sales in the current quarter could take a hit from supply constraints.

On Thursday, Amazon gave weak guidance for the current quarter, and growth rates stalled to their slowest since the dot-com bust in 2001. Earlier in the week, Google missed on sales and profit, reporting a huge miss in its YouTube segment, where revenue grew just 14%.

While both stocks are suffering so far this year, their trajectories diverged significantly in 2021. Alphabet was the best-performing Big Tech stock of the year, surging 68%. Amazon was the worst of the pack, gaining 2.4%.

Tags: Amazon and GoogleAmazon and Google just closed out their worst months on Wall Street since 2008COVID-19 pandemicghana
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.