These earnings drops are perhaps the biggest signs that the pandemic bubble has burst, as more consumers shift their spending habits from digital, online experiences to real-world experiences, says Emily Bowersock Hill, chief executive of Bowersock Capital Partners, a financial management firm. The market value of Zoom, a popular virtual conferencing company that people relied on to stay connected while working from home or attending school, has dropped to $26 billion, slightly less than its value before the pandemic. Shares of Peloton were down 13% by midday Tuesday, leaving the connected fitness brand with a market value of about $4 billion, down more than 90% from its high in early 2021 of $47 billion.Īnother pandemic darling, Netflix, saw its shares drop roughly 75% from its record-high in November after losing 200,000 subscribers in its first quarter, with projections to lose more than 2 million more in the second quarter due to growing competition. Peloton, one of the most popular companies in the early days of the pandemic, announced Tuesday morning it lost $757 million in the first three months of the year, significantly more than analysts predicted. Big Tech has shed over $1 trillion in value over the last three trading sessions as many of the world’s biggest companies are still reeling from the effects of not meeting earnings expectations.
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