- Google shocks market with weaker-than-estimated ad revenue
- SK Hynix warns chip sector facing ‘unprecdented deterioration’
- Weak earnings come amid soaring inflation, interest rate hikes
Oct 26 (Reuters) – U.S. companies from tech giants Alphabet (GOOGL.O) and Microsoft to GE (GE.N) and toymaker Mattel (MAT.O) reported big slowdowns in growth or warned things were going to get worse, fanning recession fears and driving down stocks.
The gloomy reports spilled into Asia on Wednesday, with South Korean chipmaker SK Hynix Inc (000660.KS) saying the memory chip market is facing “unprecedented deterioration” and it plans to cut investment next year by more than 50%. Its third-quarter profit plunged 60%.
South Korean flat-screen maker LG Display Co Ltd (034220.KS) posted a bigger-than-expected quarterly loss.
The rash of disappointing results points to a host of problems in the global economy, including soaring inflation and interest rate hikes…