PSTG - Fears of Slower IT Spending Hit These 2 Tech Stocks Hard
2023 was supposed to be a year of rebounding stock markets, but so far, all investors have seen is volatility. The beginning of March hasn't been particularly kind to Wall Street, and most major market benchmarks fell again early Thursday to give back gains from earlier in the year. Shortly after the open, the S&P 500 (SNPINDEX: ^GSPC) was down more than half a percent.
Technology stocks were the biggest culprits in 2022's bear market, and despite signs of a rebound for some companies in the sector, other businesses are still seeing signs of tougher times ahead. In particular, shares of Snowflake (NYSE: SNOW) and Pure Storage (NYSE: PSTG) fell hard early Thursday. Despite their solid growth recently, shareholders seem to fear that drops in future spending on IT could crimp further gains in revenue. Below, you'll get more detail on what Snowflake and Pure Storage said.
Shares of Snowflake dropped 13% early Thursday. The release of the data cloud services provider's fiscal fourth-quarter financial results for the period ending Jan. 31 didn't inspire as much confidence as investors had wanted.
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Fears of Slower IT Spending Hit These 2 Tech Stocks Hard