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Tech Down After Intel, Snap Earnings -- Tech Roundup

10/22/2021 | 05:05pm EST

Shares of technology companies fell sharply after disappointing earnings from a major chip maker and a social-media company.

Intel shares fell by more than 10% after the chip giant warned it expects annual gross margins to fall into the 51%-53% range for the next two to three years, a substantial contraction it attributes to component shortages and other pressures.

Snap shares fell after changes in Apple's privacy protocols weighed on digital advertising revenue.

Shares of a blank-check company tied to Donald Trump's new online network surged again Friday, as shares of Digital World Acquisition roughly doubled as retail investors piled on the latest "meme stock."

Tesla shares hit an all-time high above $900 as momentum built in the wake of a surprisingly strong earnings report. Online car-lot Carvana has faced controversy about how it handles paperwork and red tape, The Wall Street Journal reported.

Google takes a cut of 22% to 42% of U.S. ad spending that goes through its systems, according to a newly unredacted lawsuit by state attorneys general, suggesting the search giant is charging considerably more than smaller competitors.

Bitcoin prices fell as euphoria about the launch of an exchange-traded fund linked to the digital currency wore off.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-22-21 1704ET

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