Apple Inc. and Amazon.com Inc. late selloff on Thursday on the back of disappointing earnings reports may wipe out over $200 billion in combined market valuation from the companies when markets open on Friday. Shares of Apple fell as much as 5% after its revenue missed expectations, hurt by supply constraints. Apple ended Thursday’s session with a market capitalization of about $2.52 trillion, and the postmarket drop represents a loss of about $126.1 billion in market value. Meanwhile, Amazon closed with a value of about $1.75 trillion, and the post-earnings drop of 5% would erase more than $87 billion from its valuation. Amazon scared investors by warning that it could have sales of up to $140 billion in the busy holiday quarter without making a nickel in profit.

Source: Mint October 29, 2021 12:23 UTC