Apple and Amazon sales are being hit by the weakening global economy, the tech giants have warned, adding to fears about their upcoming profits.
Amazon shares tumbled more than 15% after the US stock market closed, as the firm forecast far weaker sales for the festive season than expected.
Apple shares also slipped after warning of a slowing demand for gaming and advertising.
Both cited the rising cost of living as a factor eroding consumer buying power.
“We’re very optimistic about the holiday but we’re realistic that there are various factors weighing on people’s wallets”, Amazon’s chief financial officer Brian Olsavsky told analysts on a call to discuss the results.
Amazon founder Jeff Bezos, who remains chairman of the company, recently warned about worrying signals coming from the economy, writing on Twitter that it was time to “batten down the hatches”.
In its update on Thursday, Apple reported that sales rose by 8% to $90.1bn in the three months to September compared with the same period the year before.
But Apple executives warned investors that they were seeing weakness in digital advertising and gaming and expecting a sharp fall in Mac computer sales. They added that a strong dollar would hit business.