Big Tech stocks dropped this week as firms across the industry posted a series of weak earnings reports, with social media giant Meta set to post a significant slowdown after markets close Wednesday.
This year, Meta, Netflix, Amazon, Microsoft, Alphabet and Apple have lost $2.5 trillion in market value combined, Reuters reported Wednesday. Meta is expected to post a 5% decline in revenue compared to last year due to reduced ad traffic as users struggle with inflation and spend more time with rival TikTok, according to The Wall Street Journal.
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