Shares of technology companies fell after disappointing earnings from two mega-cap tech concerns.

Tesla shares plunged after the electric-car maker's profit margins lagged expectations due to price cuts. In one promising sign, the company said it was close to licensing self-driving car technology, said analysts at brokerage Wedbush Morgan, as reported earlier.

Netflix shares fell sharply after revenue missed expectations.

Shares of German business software maker SAP plunged after it posted second-quarter earnings growth short of some investors' expectations, despite robust demand for cloud-computing products.

Chip fabrication giant Taiwan Semiconductor Manufacturing warned sales were likely to decline 10% this year, adding that a planned Arizona factory would miss its target of starting mass production next year.

In a development sure to escalate further rising tensions between China and the U.S. over tech exports, hackers linked to Beijing accessed the email account of the U.S. ambassador to China, Nicholas Burns, The Wall Street Journal reported. Hundreds of thousands of U.S. government email addresses may have been compromised in the attack.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-20-23 1723ET