Shares of major US companies fell 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 three percent. Qualcomm’s fourth-quarter revenue forecast fell short of analysts’ expectations, sending its shares up more than two percent. The chipmaker is also preparing for tough economic conditions.
Shares in business software vendor ServiceNow fell six percent after the company cut its forecast for subscription revenue. Cloud software heavyweight Salesforce also lost more than two percent following the ServiceNow report.
Best Buy fell 2 percent after the electronics retailer warned of falling sales as customers battle inflation.
Teladoc Health fell 20 percent after the virtual health company posted a quarterly loss of $3.1 billion, compared with a loss of $133 million a year earlier.