- Facebook’s shares dropped 15% since the WHO declared a public health emergency;
- Investors believe Amazon may increase online sales while people stay more at home.
Since January 30, when the World Health Organization declared the coronavirus outbreak a public emergency, the five most valuable tech companies lost nearly $460 billion in value, according to CB Insights. Amazon is the only one in the group that did not see its shares plunge so deeply.
Facebook’s stock has plunged 15% during this period, mainly due to a drop in advertising spending. A slowdown in Chinese manufacturing may be hitting the company’s development of virtual reality headsets. The company also canceled its F8 developer conference in favor of a virtual event.
Apple‘s shares declined 11.9%, as the outbreak hit demand and production in China. The iPhone maker saw a drop of 60% year-over-year in smartphone sales.
Microsoft‘s stock dropped 6.9% in the last six weeks up to yesterday, while Alphabet, Google‘s parent company, lost 12.4% in market value. The company canceled Google I/O, its annual developers conference that would take place in May.
Amazon gained 1.1% in the same period. The ecommerce giant may actually gain from people increasingly avoiding public places. As more consumers are working and studying at home as a precaution against the coronavirus, Amazon may strengthen its relationship with its online customers.