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Twitter Makes Price Drop on Wall Street

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Twitter went down on Wall Street on Friday. The messaging service gave a disappointing forecast for the current second quarter in its quarterly report.

 

The company believes that the strong growth in the number of users may slow as the corona crisis comes to an end. Investors also expected more from the revenue forecast. The share of Twitter was lowered almost 12 percent in the opening minutes.

Amazon could also count on attention after a number update. That tech company posted a record profit. Amazon further indicated that it expects people who started shopping online during the corona crisis to continue to do so. In addition, the company is looking forward to a bright future as the US economy continues to pick up. Amazon added 0.8 percent.

Investors took their profits after last week’s data flow and rising prices. The Dow Jones index fell 0.4 percent to 33,928.51 points. The broad-based S&P 500 fell 0.5 percent to 4190.95 points, and tech exchange Nasdaq also lost 0.5 percent to 14,015.66 points.

Apple (minus 1 percent) was faced with an official complaint from the European Commission. The market watchdog believes that Apple is abusing its market power in music streaming services by obliging companies like Spotify (minus 0.2 percent) to use Apple’s payment service in the App Store and charge a 30 percent commission.

In addition, the committee is concerned that other music streaming services are not allowed to say in their app that users can take out a cheaper subscription outside the App Store.

Oil companies Chevron and ExxonMobil benefited from rising oil prices and higher demand for chemicals as the economy picks up again. This resulted in strong free cash flow for both companies. Despite this, Chevron was lowered 2.2 percent, and ExxonMobil lost 1.3 percent.

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