Wall Street dives as tech giants Google and Microsoft reports loses
The Nasdaq Index fell 1.18% today as Google, and Microsoft reported weak performances in the previous quarter. The two tech giants are usually seen as proxies for the wider economic condition, in part because their business fortunes tend to fluctuate with global spending. Google’s advertising revenue, which still makes up the bulk of its business, it closely tied to the wider economy, and Microsoft still makes a lot of its money off desktop software sales, which also fluctuate with the economy. Google’s quarterly results fell short of Wall Streets expectations; the initial report stated a 20% decrease in revenue resulting in the Internet giant’s stock drop of 9%. The earnings report, which had not been expected until after the market close, revealed a weakening in Google's core Internet advertising business and persistent losses at its recently acquired cellphone business, Motorola Mobility. The slowdown in revenue growth came on the back of f...