Tech earnings were ugly Wednesday night and stocks are getting crushed

HP CEO Dion Weisler told analysts that, “as the macro uncertainty has increased we have seen further price sensitivity among customers pressuring both our share and our supplies pricing.”

Booking CEO Glen Fogel cited a slowdown in Europe, where the online travel company does the majority of its business. Germany, in particular, is being hurt “from trade arguments throughout the world,” he said.

Box, which sells cloud software to businesses, reported fourth-quarter revenue that trailed analysts’ estimates and also issued a weaker-than-expected forecast. CEO Aaron Levie said the company “underperformed against our seven-figure deal expectations in the quarter.”

The challenges come against the backdrop of financial and economic headwinds, including the prospect of rising interest rates in 2019. Federal Reserve Chairman Jay Powell said during his testimony on Capitol Hill on Wednesday that “financial conditions are now less supportive of growth than they were earlier last year.”

Still, U.S. economic growth was stronger than expected in the fourth quarter, with GDP rising 2.6 percent, according to a first estimate the Commerce Department released Thursday. Shares of big tech companies held up, with Amazon and Alphabet rising slightly on Thursday, and Apple, Microsoft and Facebook all down less than 1 percent.

— CNBC’s Jordan Novet contributed to this report

WATCH: HP meets earnings estimates, misses on revenue

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