Shares of major personal computer manufacturers, chip makers and software companies tumbled Thursday morning after PC sales endured their worst quarter in history, CNNMoney reported.
Shipments of PCs fell 14 percent worldwide in the first quarter compared with the same period a year ago, according to technology research firm IDC. That was the worst yearly decline since IDC began tracking data in 1994. That was nearly twice as severe as the 7.7 percent decline that IDC expected.
Gartner Inc., a technology consultancy, said on Wednesday that 79 million PCs were shipped worldwide in the first quarter, which was the lowest level of shipments since the second quarter of 2009.
As a result, a number of companies saw their stock prices fall by significant amounts. Hewlett-Packard Co.'s stock fell more than 6 percent and Microsoft Inc. fell by 4 percent