Tech stocks take a beating after hours on disappointing earnings reports


Wednesday was a bad day to report tech earnings.

HP, Box, Square and Booking all plummeted in extended trading after providing quarterly numbers or forecasts that disappointed investors. Box led the declines, dropping as much as 23 percent on weaker-than-expected guidance. Fitbit was down 13 percent as it gave a dim forecast for earnings and revenue.

The declines came after the Dow Jones Industrial Average and S&P 500 both closed regular trading in the red. Earlier on Wednesday, Fed Chairman Jay Powell said during his testimony on Capitol Hill that “financial conditions are now less supportive of growth than they were earlier last year.”

HP and Square both fell 6 percent after their reports. Software company Alteryx dropped more than 5 percent, and Booking, the parent of Priceline and Kayak, slumped 10 percent.

Elastic, an open-source software company that went public last year, fell 8 percent even after surpassing estimates for the last quarter and providing optimistic guidance.

This is breaking news. Please check back for updates.

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