Google, Microsoft, TI announce disappointing results; tech stocks tumble

US tech stocks tumbled in after-hours trading after some of the industry’s biggest companies reported disappointing results.

Google parent Alphabet Inc. fell as much as 7.4% after third-quarter revenue came in below expectations, while software giant Microsoft Corp. lost 8.1% following a disappointing revenue forecast. Texas Instruments Inc., a bellwether for the semiconductor industry, tumbled 6.1% after giving a forecast that was weaker than analyst estimates.

graphAdding to the gloom, South Korean chipmaker SK Hynix Inc. reported a 60% decline in profit and said it would cut capital expenditures by more than half. It warned of “an unprecedented deterioration in market conditions.”