A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S. (Photographer: Michael Nagle/Bloomberg)

Ugly Batch of Tech Earnings Sends Shares Tumbling After Hours

(Bloomberg) -- Box Inc. and Booking Holdings Inc. were among a handful of technology and internet companies whose disappointing earnings reports sent shares tumbling in post-market trading.

Cloud-storage provider Box lost as much as a quarter of its value after forecasting annual revenue that trailed the lowest analyst estimate. Booking Holdings sank 10 percent after the online travel agent projected lower-than-expected profit in the first quarter amid higher spending. Fitbit Inc., HP Inc. and Square Inc. also fell after financial reports.

Ugly Batch of Tech Earnings Sends Shares Tumbling After Hours

The poor results came on the tail end of a fourth-quarter earnings season that has helped fuel a 23 percent rally since last year’s market rout bottomed out on Christmas Eve. Technology stocks have been the performers after industrials in the S&P 500 Index’s rebound.

Most technology companies have exceeded analysts’ profit estimates for the fourth quarter. With all but three of the 68 members of the S&P 500 Information Technology Index having reported, 84 percent have beaten earnings estimates, according to data compiled by Bloomberg.

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