ZS - Why Twilio Fastly and Zscaler Stocks Are Falling Today
2023-04-05 12:30:09 ET
The share prices of some technology companies were tumbling fast today on no company-specific news, but rather on the latest jobs report, which showed that the number of new hires increased by far less than expected in March.
Normally, that type of data probably wouldn't have much of an effect on a tech company's share price, but this news comes as the tech sector has already cut about 130,000 jobs so far this year, amid growing fears that the U.S. economy is slowing down.
Against that backdrop, shares of the customer engagement platform Twilio (NYSE: TWLO) fell 8.4%, the content-delivery network company Fastly (NYSE: FSLY) plunged 8.6%, and the cybersecurity company Zscaler (NASDAQ: ZS) dropped 8.8% as of 11:15 a.m. ET on Wednesday.
For further details see:
Why Twilio, Fastly, and Zscaler Stocks Are Falling Today