PayPal Holdings Inc.’s weak 2022 outlook added to concerns about slowing e-commerce sales, pushing its shares 3.8% lower in premarket trading. Among other pandemic winners, home workout equipment maker Peloton Interactive Inc. is the worst performer in the Nasdaq 100 this year with a drop of 66% and Zoom Video Communications Inc. is down 23%.
Meanwhile, e-commerce behemoth Amazon has risen just 7% in 2021, underperforming the Nasdaq 100’s 27% surge.
Tech Chart Of The Day
Top Tech Stories:
• Roblox soared 23% in premarket trading after the video-game platform reported third-quarter bookings that beat analysts’ estimates, signaling that summer vacations and the loosening of Covid restrictions haven’t dented users’ enthusiasm for online games.
• Retail trading online platform provider Robinhood said a security breach on Nov. 3 resulted in an unauthorized party obtaining the email addresses for around 5 million customers while the full names for a different group of approximately two million customers were accessed. The stock fell 3.2% in premarket trading.
• Zynga jumped 5% premarket after the video-game developer raised its adjusted revenue forecast, which matched the average analyst estimate. However, its mobile daily active users came in below expectations for the third quarter.
• Google parent Alphabet Inc. rallied Monday to breach $2 trillion in market value for the first time, fueled by a rebound in spending on digital ads and growth in its cloud business.
• Advanced Micro Devices will start supplying server processors to Meta Platforms, formerly known as Facebook, further eroding Intel’s hold on that lucrative market. Its stock has surged 64% so far this year.
—With assistance from Lisa Pham, Jeran Wittenstein and Abhishek Vishnoi.
This article was provided by Bloomberg News.