More than $550bn has been wiped off the value of the biggest US tech companies this week, with headlong growth stalling because of the slowing global economy and mounting cost pressures. The stock market slump has underlined a surprisingly weak earnings season from the US digital giants, ending a surge in growth during the pandemic and putting paid to hopes that they would withstand the inflation and weakening growth that are hitting the wider economy. Facebook’s parent, Meta, delivered the latest blow to Wall Street’s faith in the resilience of Big Tech late on Wednesday when it reported a slump in its profit margins on the back of slipping advertising revenue and soaring costs. Read More...
More than $550bn has been wiped off the value of the biggest US tech companies this week, with headlong growth stalling because of the slowing global economy and mounting cost pressures. The stock market slump has underlined a surprisingly weak earnings season from the US digital giants, ending a surge in growth during the pandemic and putting paid to hopes that they would withstand the inflation and weakening growth that are hitting the wider economy. Facebook’s parent, Meta, delivered the latest blow to Wall Street’s faith in the resilience of Big Tech late on Wednesday when it reported a slump in its profit margins on the back of slipping advertising revenue and soaring costs.
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