![]() Meta headquarters in Menlo Park, California, US, on Thursday, July 21, 2022. Many of the tech giants have already announced layoffs, and there is speculation that there could be more job cuts coming. Meta, for example, is going all in on augmented and virtual reality while Netflix is now embracing advertising after years of vowing it would not have ads on its platforms.īroader worries about the economy and advertising spending are hurting the sector. There are also legitimate questions about strategy shifts at some companies. She added that “it’s becoming clear that we may at least see recessionary conditions in some sectors, even if they don’t bleed into all facets of the economy. “With this being the first quarter of a meaningful tone change in earnings … I don’t think it will be the last one of margin pressure,” Young wrote. Liz Young, head of investment strategy at SoFi, noted in a report late last week that tech earnings during the third quarter fell 1% from a year ago and that revisions for the fourth quarter have been cut by nearly 10% in recent weeks. The tech sector has been a market leader for years, but there are growing concerns about the future. (TSLA) have fallen between 25% and 45% in 2022 as well. Other titans of the Nasdaq, such as Microsoft (GOOGL) have all done far worse, with Meta plunging 66% this year. (AAPL) stock is down about 16% in 2022 - and that makes it the “best” performer of the so-called FAANGs of Big Tech. ![]() It has been a brutal year for the leading companies of Silicon Valley. The great bull run for tech stocks may finally be over.
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