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Magnificent 7 Tumble, Wipe Out $300 Billion On Meta's Weak Guidance, Q1 Stagflation Woes

Benzinga ·  Apr 25 11:35

In a tumultuous day for tech stocks, the collective market value of the Magnificent 7 tech giants plummeted by over $300 billion in the first trading hour on Thursday, primarily fueled by a weaker-than-expected revenue outlook fromMeta Platforms Inc.(NASDAQ:META) and concerning economic indicators arising from the first-quarter gross domestic product release.

What Happened:Meta Platforms outperformed Wall Street's expectations with first-quarter revenue of $36.45 billion, a 27% increase year-over-year, and earnings per share of $4.71, beating the predicted $4.32. Investors pulled back after the social media giant issued subdued guidance for the upcoming quarter.

The company...

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