Shares of major U.S. companies slumped on Wednesday after posting poor quarterly results and forecasts amid persistent inflation and fears of a possible recession.

Affected companies include Facebook’s parent company Meta Platforms, Qualcomm, ServiceNow, Best Buy and Teladoc Health.

Meta posted the first quarterly decline in its history and issued a gloomy forecast that sent shares down more than three per cent. Qualcomm’s fourth-quarter revenue forecast fell short of analysts’ expectations, sending its shares down more than two per cent. The chipmaker is also gearing up for tough economic conditions.

Shares in business software vendor ServiceNow slumped six per cent after the company cut its forecast for subscription revenue. Cloud software heavyweight Salesforce also lost more than two per cent following ServiceNow’s report.

Best Buy fell two per cent after the electronics retailer warned of falling sales as customers battle inflation.

Teladoc Health slumped 20 per cent after the virtual health company posted a quarterly loss of C$3.1 billion, compared with a loss of C$133 million a year earlier.