OMG — pop! The N.Y. post opins that may be the sound of the
tech bubble bursting. Silicon Valley’s hottest companies — ranging from Apple
to Zynga — have turned into investment bummers following a steady drumbeat of
disappointing results.
While they run the technology gamut from gaming to gadgets,
the companies all fell short after reporting slowing growth instead of
skyrocketing trajectories.
Facebook met already lowered expectations yesterday, but
Wall Street still punished the stock, sending the shares down nearly 12 percent
in late trading. Even before the results, Facebook was taking a pummeling
along with partner Zynga, which depends on developing hit games for the social
network such as “FarmVille.” In March, Zynga paid $200 million for drawing game
Omgpop after its popularity had peaked. Zynga,
which went public at $10 a share in December, plunged 37 percent yesterday to a
new low of $3.18 after it badly missed expectations....
Read more: http://www.nypost.com/p/news/business/tech_high_fliers_make_crash_landing_6c14hhIndaTY0ietaowDyL#ixzz21noFgTdK
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