Consider the tech sell-off we're seeing in the US...we can't say we're surprised by this.
👉 Background: Alphabet, Google and YouTube's parent company, just released its first quarter earnings - and things aren't looking so good.
👉 What happened: Google's revenue growth slowed around 34% compared to the same time last year and YouTube's ad revenue came up short. On the plus side, Google's cloud business grew 44%, beating estimates.
👉 What else: Overall, investors were not happy. Shares fell 3% to their lowest point since May 2021. This could spell bad news for other tech companies too... because Alphabet is a bellwether stock.
💡 A bellwether stock 🔔 is one that's seen as a leading indicator of the direction of a particular industry. If things go well for that stock, things usually go well for the industry (and vice versa).
💡 Bellwether stocks are typically large-cap blue chip companies juuuust like Alphabet.
💡 Considering the tech sell-off we're seeing over in the US at the mo, we ain't surprised by Alphabet's performance 🤷🏼♀️ .
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