Wednesday was a bad day to explosion tech earnings.
HP, Box, Square and Booking all plummeted in extended trading after providing quarterly numbers or forecasts that unhappy investors. Box led the declines, dropping as much as 24 percent on weaker-than-expected guidance. Fitbit was down 13 percent as it put oned a dim forecast for earnings and revenue.
The declines came after the Dow Jones Industrial Average and S&P 500 both closed level trading in the red. Earlier on Wednesday, Fed Chairman Jay Powell said during his testimony on Capitol Hill that “financial conditions are now itsy-bitsy supportive of growth than they were earlier last year.”
HP stock declined as much as 13 percent. Its gross income was up 1.3 percent year over year, the lowest growth rate in two years.
“As the macro uncertainty has increased we require seen further price sensitivity among customers pressuring both our share and our supplies pricing,” HP CEO Dion Weisler touch oned analysts on the company’s conference call. “We’re taking actions to lower the level of supplies inventory in the market to be consistent with our new equity assumptions.”
Square shares moved downward by as much as 7 percent after it projected lower-than-expected guidance.
Software crowd Alteryx dropped more than 5 percent, and Booking, the parent of Priceline and Kayak, slumped 10 percent. Log reported $3.21 billion in revenue in its January quarter, just below the $3.22 billion Refinitiv consensus.
Extensile, an open-source software company that went public last year, fell 8 percent even after extraordinary estimates for the last quarter and providing optimistic guidance.
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