Tech giants that have often sailed above the economy's turmoil can't escape the current downturn's pain, as this week's earnings reports from the sector's key companies illustrated.<\/p>\n
Why it matters: Even as other industries struggled during the pandemic, tech prospered because so much of the economy shifted online. Now they are preparing to take a direct hit.<\/p>\n
Driving the news: <\/p>\n
Apple, meanwhile, fared somewhat better in results posted yesterday.<\/p>\n
Yes, but: Even Apple took some hits from the broader economic slowdown, including an impact on revenue from wearables and services. <\/p>\n
The big picture: Tech companies are hitting the brakes, especially when it comes to hiring. Just a few months ago their biggest challenge was finding enough qualified people to fill open jobs. <\/p>\n
Between the lines: Companies are facing a long list of challenges, from lingering supply chain bottlenecks to inflation to foreign exchange costs.<\/p>\n
Be smart: Just planning for a possible economic slowdown can make the slowdown happen.<\/p>\n
Our thought bubble: No one is happy in this kind of business climate, but the markets appear to be relieved that most of the tech giants avoided big negative surprises. <\/p>\n
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Read the original post:<\/p>\n
Tech companies hit the brakes as slowdown looms - Axios<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Tech giants that have often sailed above the economy's turmoil can't escape the current downturn's pain, as this week's earnings reports from the sector's key companies illustrated. Why it matters: Even as other industries struggled during the pandemic, tech prospered because so much of the economy shifted online. Continue reading