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https://www.wsj.com/articles/from-apple-to-microsoft-big-tech-results-spotlight-breadth-of-economic-upheaval-11659094604

From Apple to Microsoft, Big Tech Results Spotlight Breadth of Economic Upheaval

Meta, Intel among companies to curtail spending plans as businesses adapt to more-challenging times

By

Meghan Bobrowsky

As markets react to inflation and high interest rates, technology stocks are having their worst start to a year on record. WSJ’s Hardika Singh explains why the sector — from tech giants to small startups — is getting hit so hard. Illustration: Jacob Reynolds

The world’s biggest tech companies just had one of their most tumultuous earnings periods in years, highlighting the breadth of the economic slowdown and how business conditions have rapidly deteriorated in recent months.

Amazon.com Inc. AMZN -3.42%decrease; red down pointing triangle posted a loss for a second straight quarter on Thursday, the same day Intel Corp. INTC -4.17%decrease; red down pointing triangle shocked investors with a net loss in the second quarter as it suffered its biggest drop in quarterly revenue in more than a decade. Facebook META -1.97%decrease; red down pointing triangle parent Meta Platforms Inc., a day earlier, reported its first-ever quarterly sales retreat, and Microsoft Corp. MSFT -2.14%decrease; red down pointing triangle earlier in the week disclosed its slowest earnings growth in two years.

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