US markets red; DocuSign fell 20% on FY23 forecast; Meta fell 3.8% on Russia criminal investigation
- The Nasdaq fell 2.18% to close Friday’s session at 12,844 points.
- DocuSign plummeted 20% on FY23 forecast falling short of expectations.
- Meta fell 3.8% after Russia launched a criminal investigation into the company.
The US markets extended losses into Friday as US inflation weighed on tech stocks while investors also continued to assess the ongoing war between Russia and Ukraine.
The Dow Jones fell 0.69% to finish the trading day down 230 points to close at 32,944 points. The Dow Jones posted its fifth straight weekly loss.
The tech heavy NASDAQ fell 2.18% to finish the trading day down 286 points to close at 12,844 points.
One bitcoin is worth US$37,781 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 72.96 US cents.
E-signature company DocuSign plummeted 20% on Friday after the company released fourth-quarter results and guidance for the first-quarter. For the period, DocuSign reported revenue growth of 35% YoY to US$580.80m, billings up 25% to US$670.10m and a net loss per share of US$0.15/share compared to a loss of US$0.38/share in the PCP. Investors sold out of DocuSign shares after the company issued guidance for revenue growth of just 18% to 2.38bn in FY23, well below analysts’ expectations of revenue to hit US$2.61bn for the year.
Shares in social media giant Meta fell 3.8% after Russia restricted access to the company’s Instagram platform and launched a criminal investigation into the company. Russia’s investigation comes after Meta changed its hate speech rules to allow violent threats against Russia and its military for the country’s invasion and subsequent war with Ukraine.
And Uber has introduced an extra fee on all rides for gas to accommodate for the soaring prices of fuel around the world.
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