Tech Down as Cloud Computing Concerns Warn When Needed – Tech Roundup


Shares in technology companies fell after a number of companies issued slowdown warnings.

Shares in subscription-based cloud software companies, a niche that was highly lucrative at the height of the pandemic, plummeted.

Okta, MongoDB, and Veeva Systems stocks fell sharply, with Okta losing more than a third. All three warned that sales deals are taking longer to close due to growing reluctance among business customers, who have been rocked by concerns about the economic slowdown.

In a bright spot in the cloud niche, Nutanix shares rose after the company forecast fiscal 2023 earnings ahead of Wall Street’s targets. Semiconductor maker Semtech slipped to a two-year low on Thursday after the company cut its third-quarter earnings forecast. Among other chipmakers, Nvidia fell 8%.

Britain’s competition regulator said Microsoft’s proposed acquisition of Activision Blizzard could hurt its rivals and newcomers to the video game industry, and make the $75 billion profits even more uncertain.

Source link

Leave a Reply