Shares of tech companies rose as traders bet the sector would continue to grow faster than other areas. Chinese online bazaar Alibaba Group said fiscal fourth-quarter revenue jumped 60% from a year earlier to 38.6 billion yuan, or $5.6 billion. Facebook was fined about $122.7 million by the European Union's antitrust regulator for offenses related to the acquisition of its messaging unit WhatsApp, a warning shot to other companies registering their deals for review. Analysts at brokerage Nomura Securities said major internet companies such as Facebook and Amazon.com earnings showed "video strategies gaining clarity, evolving along divergent paths." The Nomura analysts also noted that "Snap struggles reflect common challenges across subscale ad platforms," said analysts at brokerage Nomura Securities, in a research note.
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(END) Dow Jones Newswires
May 18, 2017 16:47 ET (20:47 GMT)