The news: Big Tech companies Google, Meta, and Apple completed quarterly earnings calls last week with their CEOs warning of headwinds and looming slowdowns in the US economy.
Tech CEOs weigh in: The earnings calls revealed tech monoliths are hunkering down in the face of inflation, COVID-19 closures in China, and the effects of Russia’s Ukraine invasion on business. All are casting a pall of uncertainty.
What’s next? Big Tech will continue to weather the economic downturn, but there’s growing concern for many that pandemic-era consumer spending is slowing down considerably. This will result in reduced investments, hiring freezes, and even layoffs as Big Tech scrambles to adjust.
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