Apple, Amazon, and Alphabet delivered disappointing Q4 2022 earnings results, with Apple missing analyst expectations for the first time in seven years. Apple reported a quarterly revenue drop of 5.49% to $117.2bn, down from its record holiday sales in 2021, due to the strict Covid-19 lockdowns in China, which produces 90% of its devices sold globally. Amazon reported a net loss of $2.7bn for 2022, compared to net income of $33.4bn a year before, due to a difficult reset after its pandemic boom. Meanwhile, Alphabet missed analysts' expectations, signaling lower demand for its search advertising during a slowing economy. In contrast, Facebook parent company Meta saw a surge in its shares after CEO Mark Zuckerberg vowed to make the company leaner.

Apple shares slid more than 4% on Thursday after the company posted a disappointing first-quarter earnings report, including rare misses on revenue, profit and sales.

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