The first quarter of this year has witnessed significant financial upheaval of this decade. The massive economic slowdown caused by the global outbreak of Covid-19 has resulted in a standstill of many businesses and a sharp decline in the worldwide financial markets. The lockdowns of manufacturing firms and retail businesses have a devastating impact on their performance in the first quarter of this year.
While the major stock markets are rolling down, the bitcoin has outshine the top 10 leading stocks. Although the Bitcoin price has gone through a tremendous correction phase and lost its almost 50% of the value, yet it rebounded considerably and outperformed the stocks of top companies.
In the earning reports for the first quarter has released by the FAANG companies recently. The reports clearly demonstrate the impact of global lockdown induced by this pandemic. The companies that have a history of positive performance has shown a considerable dip in their earning in the first quarter. At the same time, despite a plunge in price earlier this year, Bitcoin has managed to return to the green zone and gained a significant price during this ongoing financial crisis.
Bitcoin price witnessed a terrible crash in March that resulted in a loss of considerable value. And despite a loss of 50%, BTC price has shown a positive movement with a sharp gain. This digital asset has recorded a mere loss of 10% in its total price during the first quarter of this month.
The global retail giant has impacted adversely by this pandemic with the closure of many warehouses, and halt of delivery of many products expect the essential items. Nevertheless, Amazon has managed to tackle this reduction in sales worldwide and stand in a green zone in earning reported released for Q1. Before the global lockdown, this stock had registered a 26% gain before diving down in April. Amazon has claimed a +0.3% gain and the only stock among the FAANG companies that was in a positive number in first-quarter earning.
The pandemic has led to the closure of this digital gadgets giant’s manufacturing firm in China. Moreover, it halted any new release and had a drastic impact on its sales worldwide. As a result, Apple reported a 15% loss in its stock price in the first quarter of this year.
The world’s leading search engine and one of the top companies were in green until the global lockdown. Google stock had managed to gain around 13%, with the help of its web streaming giant, Youtube performance. However, until reaching the last week of April, this stock has recorded a decline of 19% in its price.
The social media firm stock was skyrocket before the sudden and continuous crash of financial markets. The pandemic has severely impacted the earning source of this social media giant. A significant decrease in advertising and demand for ads was cited as a cause for its terrible performance. The Facebook stock was down by 20% in the first quarter and one of the worst-hit FAANG companies by the Covid-19.
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John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.