Big Tech braces for dismal profits, more job cuts
Keen to buttress margins and appease investor concerns at a time of slowing sales growth, big US Technology firms are expected to whittle away at their bloated workforce and costs through the next few months, reversing pandemic-era excesses, analysts said. Each of America's five largest tech companies, though, are expected to report a fall in profits for the October-December period, as they try to recalibrate in a high-interest environment. Facebook-owner Meta Platforms Inc and Amazon.com Inc are expected to report the biggest declines. Analysts have cut their total revenue projection for the five companies - Meta, Amazon, Apple Inc, Alphabet Inc and Microsoft Corp - by 5% to $561.4 billion as of January from October. Big tech companies are expected to be among the biggest drags to S&P 500's eleven sectors, with the information Technology sector projected to report an earnings decline of 9.5%, according to FactSet data. Reuters Graphics ...