US markets tumbled; Spotify plunged 17% on Q4 results; Amazon soars after hours on Q4 results
- The Nasdaq fell 3.7% to close Thursday’s session at 13,879 points.
- Spotify shares tanked 17% on Q4 results & Q1 subscriber growth forecast.
- Amazon soars 14.5% after hours following release of strong Q4 results.
The US markets tumbled on Thursday as a number of technology companies reported quarterly earnings, sparking a sell-off in tech stocks.
The Dow Jones fell 1.45% to finish the trading day down 518 points to close at 35,111 points.
The tech heavy NASDAQ fell 3.74% to finish the trading day down 539 points to close at 13,879 points
One bitcoin is worth US$36,962 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 71.42 US cents.
Spotify shares plunged 16.76% on Thursday after the music streaming company reported fourth quarter earnings and a growth guidance update for the first quarter that failed to impress investors amid the ongoing Joe Rogan podcast controversy. For the fourth quarter, Spotify reported 18% YoY growth in monthly active users to 406m, premium subscribers grew 16% YoY to 180m, ad-supported revenue reached a record of 15% of total revenue in Q4, and said it expects to reach 418m monthly active users in Q1.
Shares in Amazon soared 14.5% in after hours trading following the release of the e-commerce and tech giants’ fourth quarter results. For the period, Amazon almost doubled the expectations for EPS at US$5.80/share, total revenue came in slightly short of expectations at US$137.4bn, AWS revenue climbed almost 40% to US$17.78bn which was above estimates and the company issued first quarter revenue guidance between US$112bn and US$117bn.
And real estate sales in the metaverse topped US$500m during 2021 and are projected to double this year.
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