03:56 PM EDT, 08/02/2024 (MT Newswires) -- Tech stocks were sharply lower late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 5.9%.

The Philadelphia Semiconductor index fell 5.5%.

In corporate news, Telus International (TIXT) shares plunged nearly 36% as it reported on Friday lower-than-expected adjusted earnings and a surprise drop in sales. It also lowered its full-year outlook.

Intel ( INTC ) shares plunged almost 27% after it reported late Thursday a drop in Q2 earnings and sales. It also plans to suspend dividends starting in Q4 while implementing a $10 billion cost-cutting program.

Amazon.com ( AMZN ) shares dropped 9.3% after the quarterly sales it reported the day before trailed analysts' estimates and several brokerages cut their price targets on the company.

Apple ( AAPL ) reported better-than-expected fiscal Q3 results, as gains in iPad and Mac sales more than offset a decline in its flagship iPhone product. Its shares rose 0.7%.