00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Wall Street's tech sell-off accelerated Thursday,
00:05wiping out more than $500 billion in market value across major names, according to Benzinga.
00:11Apple-led losses, shedding $200.04 billion after a 5% drop,
00:16marking its worst single-day decline since Liberation Day.
00:19Tesla lost $52.28 billion.
00:22Amazon fell $51.08 billion.
00:26Meta declined $35.19 billion.
00:28Nvidia dropped $20.82 billion, and Palantir slid $19.54 billion.
00:35The broader slump followed Cisco earnings.
00:37Cisco fell 11% even after reporting earnings of $1.04 per share on $15.35 billion in revenue,
00:45beating estimates, driven by networking strength.
00:48Goldman Sachs analyst Michael Ng said Cisco's networking revenue rose 21%
00:53and orders climbed more than 20%.
00:55Its third-quarter margin forecast of 65.5% to 66.5% missing estimates,
01:02due to more hardware sales and higher costs.
01:04CEO Yang Yuanqin told Reuters the company expects pressure on unit shipments,
01:09but plans to remain profitable.
01:11For all things money, visit Benzinga.com.
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