The Nasdaq-100 fell 3.1 percent between Friday, August 28, and Friday, September 4. The SPDR Technology ETF (XLK) declined 4.1 percent. Both were the biggest weekly drops since the coronavirus selloff reached a climax in mid-March.
Shares of PayPal (NASDAQ: PYPL)
have surged from around $US77 ($109) late last year to probe record highs above $US97 in late February on the back of analyst upgrades and overall optimism for the company.
Analysts expected a hike of 14 cents per share in Twitter’s Q3 earnings, but Twitter upped that to 21 cents per share. Refinitv ran a speculative survey that proposed revenues of $702.6 million but again, Twitter overreached, coming in at $758 million. Twitter’s user base is well below Facebook, but the platform is taking measures to enhance active use. It was thought user numbers for Q3 would hit 330.1 million, but they fell behind at 326 million.
Since it listed in the US at an IPO price of $27.50 in December 2015, Atlassian share price has scaled to new heights. In June this year, it was trading above $67.