Poor Quarterly Results Send Shares Of Major U.S. Companies Plummeting

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Shares of major U.S. companies slumped on Wednesday after posting poor quarterly results and forecasts amid persistent inflation and fears of a possible recession.

Affected companies include Facebook’s parent company Meta Platforms, Qualcomm, ServiceNow, Best Buy and Teladoc Health.

Meta posted the first quarterly decline in its history and issued a gloomy forecast that sent shares down more than 3%. Qualcomm’s fourth-quarter revenue forecast fell short of analysts’ expectations, sending its shares down more than 2%. The chipmaker is also gearing up for tough economic conditions.

Shares in business software vendor ServiceNow slumped 6% after the company cut its forecast for subscription revenue. Cloud software heavyweight Salesforce also lost more than 2% following ServiceNow’s report.

Best Buy fell 2% after the electronics retailer warned of falling sales as customers battle inflation.

Teladoc Health slumped 20% after the virtual health company posted a quarterly loss of US$3.1 billion, compared with a loss of US$133 million a year earlier.

The sources for this piece include an article in Reuters.

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