Big tech loses combined $1.3 trillion in stock market value
Wider S&P index down 29% month-on-month
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Alphabet,Apple,Amazon,Microsoftand Facebook have collectively lost $1.3 trillion in value over the past month, as markets quake under the strain of the coronavirus outbreak.
Facebook experienced the most significant slump, shedding 29.63% of its value, while Amazon’s losses were limited to 13.33%, insulated by an uptick in ecommerce activity.
The wider S&P index - made up of 500 of the largest US companies - sunk by 29% in the same period, wreaking havoc on stock portfolios and pension pots worldwide.
Coronavirus stock market crash
The rapid spread of the coronavirus - now classified a pandemic by the World Health Organisation - has rocked markets across the globe.
Analysts fear economic turbulence brought about by the outbreak could give rise to a global recession - officials from the Bank of America have even indicated recession has already arrived.
Last week, UK and US indexes fell 10% in the worst day since the 1987 crash, while French and German equivalents plummeted by as much as 12%. The decline came after the US placed restrictions on travel from mainland Europe and later the UK.
Supply chain disruption, store closures and job losses among consumers are all likely to impact earnings in the technology sector. Last month, both Apple and Microsoft announced they expect to miss quarterly revenue targets as a result of the virus.
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Despite the bleak short-term outlook, the world’s tech giants are considered well positioned to recover from the plunge, although the same cannot be said of smaller players.
ViaCNBC
Joel Khalili is the News and Features Editor at TechRadar Pro, covering cybersecurity, data privacy, cloud, AI, blockchain, internet infrastructure, 5G, data storage and computing. He’s responsible for curating our news content, as well as commissioning and producing features on the technologies that are transforming the way the world does business.
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