Giant businesses aren’t as vulnerable to the challenges sweeping across the economy as smaller companies like Twitter and Snap, the owner of Snapchat.
But this week, as the United States reported that economic output fell for the second straight quarter, Microsoft, Alphabet, Amazon and Apple posted sales and profits that showed their businesses have the dominance and diversity to defy the economic woes hurting smaller companies.
“These guys are still delivering,” Harden said. “They’re acting responsibly and navigating through a choppy period.” During calls with analysts, the companies’ CEOs cautioned investors about the months ahead, using words like “challenges” and “uncertainty.” Concerns about the economy are leading some of them, including Alphabet, to slow the pace of hiring and take other precautions, but none have said they plan to begin making layoffs.
Satya Nadella, CEO at Microsoft, said the company would invest over the year to take share and build its businesses, while Brian Olsavsky, Amazon’s finance chief, said it would have more product in stock and speedier deliveries. Meta, the company formerly known as Facebook, was an outlier among the biggest tech companies, reporting its first decline in quarterly revenue since going public a decade ago. Its woes were an outgrowth of rising competition from TikTok, which has sapped it of users and advertisers, and challenges from privacy changes on iPhones implemented by Apple.
Amazon’s smaller e-commerce rival, Shopify, said it would cut about 10% of its staff. Harley Finkelstein, president of Shopify, said this year would be “a transition year in which e-commerce is largely reset” to the growth levels it recorded before COVID-19.
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