Giants of tech hit as economic slump crimps demand
with a combined market value approaching US$5-trillion, posted results Thursday that show an economic slowdown is throttling demand for electronics, e-commerce, cloud computing and digital advertising — mainstays of the global tech economy.
“The war in Ukraine, inflationary pressures, economic uncertainty and macroeconomic headwinds kept the consumer sentiment weak in 2022 while smartphone users reduced the frequency of their purchases,” Harmeet Singh Walia, a senior analyst at Counterpoint Research, wrote in a report on Apple.Economic weakness also affected business demand for ads and cloud computing, said Mandeep Singh, technology lead at Bloomberg Intelligence.
Each of the big tech companies reporting on Thursday also underscored the ways they’re working to move past the slump. Alphabet CEO Sundar Pichai leaned heavily into artificial intelligence as a way to improve search results and other products. Starting this year, DeepMind, a division focused on AI research, will be included in Alphabet’s corporate costs.
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