$50bn wiped off the US tech titans

AMERICA’s tech giants were last night on course to lose more than $50bn in value as Wall Street investors fretted over a series of under-whelming results.

The ‘FAANG’ stocks – Facebook, Apple, Amazon, Netflix and Google – all slumped into the red after US markets opened.

It followed a bombshell profit warning from Facebook on Wednesday, which saw a record $120bn wiped off its value in a single session.

Amazon’s second quarter revenues the next day also missed analyst expectations, while Twitter on Friday reported a drop in users.

Yesterday investors dumped tech stocks. Netflix fell 5.7pc, Facebook 2.2pc, Google 1.8pc, Amazon 2.1pc and Apple 0.6pc. Twitter fell 8pc.

With Apple due to report third quarter results today, brokers said further bad news could push the firms into even bigger losses.

Shawn Cruz of broker TD Ameritrade said: ‘We’re starting to see profit taking in a lot of these tech companies.’