The shares of AmazonGoogle parent AlphabetJust closed their sharpest monthly drop since 2008’s financial crisis.

Both internet giants reported lower-than-expected quarterly results. This was due to a mix of macroeconomic factors and hard comparisons with the blowout numbers in the pandemic.

Amazon fell 23.8% in April. This is its largest decline since November 2008 when it dropped 25.4%. Alphabet saw its worst month ever, falling 18% in April.

Investors have been leaving tech stocks for fear of higher inflation and increased interest rates in the early months of 2022. The February Russian invasion of Ukraine and the subsequent rise in fuel costs, as well as a persistent labor shortage have all had a negative impact on companies’ bottom line.

Amazon and Google last saw such a sale in the middle of the global financial crises, during which borrowers were defaulting at record levels on their home loans and top financial institutions were going under. Lehman Brothers collapsedIn September 2008 followed by several big Wall Street bailouts.

All tech stocks were crushed. Following a slump of 18% in October, the Nasdaq dropped 11% in Nov.

This earnings season, it’s been an mixed bag for Big Tech. Facebook reportedEven though the profit was higher than anticipated, it did not report revenue. The company told investors that its sales could fall from last year’s second quarter. AppleExceed your expectations but spooked investorsFollowing warnings that the supply shortage could affect sales for the current quarter,

Amazon will be open on Thursday gaveWeak guidance is being given for the next quarter and growth rates have stagnated at their lowest since the 2001 dot-com bust. Google was announced earlier this week. missedOn sales and profit reporting on a major miss in its YouTube channel, where revenue increased only 14%

Both stocks have suffered so far in this year’s market, but their trajectory for 2021 diverged greatly. Alphabet was best-performing Big Tech stockSurging 68%, Amazon was the most popular retailer of the year. Amazon was the worst of the pack2.4% increase

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