The tech giant provided light guidance and announced it expected expenses will increase 20 percent in 2019.
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The Entrepreneur Index™, Dow Index and S&P 500 were all down on Thursday. Most notably, Twitter stock fell by 3.36 points (9.84 percent) despite reporting revenue of $909 million (about $41 million more than expected in a Refinitiv survey of analysts). That’s in large part due to the fact that Twitter also announced it expected expenses to increase by 20 percent this year in order to improve “health, conversation, revenue product and sales, and platform.”
It was a tough day for technology stocks in general, as all five FAANG (Facebook, Apple, Amazon, Netflix and Google or Alphabet) stocks fell. Facebook dropped by 4.11 points (2.41 percent), the most of the five.
Ford (-4.7 percent), Hess Corp. (-4.62 percent) and Macerich Company (-4.55 percent) also saw big declines on Thursday. However, the Entrepreneur Index™ was bolstered by Chipotle’s huge earnings after reporting earnings yesterday. The quick-service burrito restaurant stock was up 59.72 points per share, or 11.35 percent. Other winners on the day included O’Reilly Auto Parts (+3.35 percent) and D.R. Horton Inc. (+2.45 percent).
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.