Although they may not seem crucial for cryptocurrencies, these earnings reports are key as we approach the end of the week. The data is not favorable for the markets, and Intel’s negative results particularly impact the US markets. Intel’s stock dropped nearly 6% after the close. The decline of major tech companies is clearly negative for cryptocurrencies.
Earnings Reports and BTC Decline
BTC price decline is partly due to negative earnings reports from trillion-dollar tech companies this week. Companies’ earnings reports falling short of expectations naturally lead to stock declines, and since BTC often trades like a technology stock, it is also dragged down.
- Intel Q2 2024 Earnings
- Revenue $12.83 Billion (Estimate $12.95 Billion)
- Adjusted Gross Margin Percentage 38.7% (Estimate 43.6%)
- Q3 Revenue Estimate between $12.5 and $13.5 Billion (Estimate $14.38 Billion)
- Dividend suspension by Q4 2024.
- 15% workforce reduction.
- $10 billion cost reduction plan.
Amazon reported net sales of $147.98 billion, missing the $148.78 billion expectation. Q3 operating income and net sales estimates were revised downwards. These are not good signs.
Lastly, Coinbase exceeded Q2 revenue expectations, but issues with other giants overshadowed this. Apple‘s report was released as we concluded this article, showing earnings above expectations, which might balance the market.
