How Big Tech’s Pandemic Bubble Burst

144
10
Favorite

How Big Tech’s Pandemic Bubble Burst

CNN2023-01-23

New York (CNN) — In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

144

Report

Comment（10）

Jason_LSE
·2023-01-23
Ok
Reply
Like
Report
来人
·2023-01-23
Ok
Reply
1
Report
Thura Thein Maung
·2023-01-23
No wonder Amazon Stock was hit hard. Their greed and aggression make the decline of its share insufferable. even though fundamental of business is solid.
Reply
1
Report
Andrewinho
·2023-01-23
😱😱😱
Reply
2
Report
kong1509
·2023-01-23
Ok
Reply
2
Report
JQC
·2023-01-23
[OK]
Reply
1
Report
LimBT
·2023-01-23
Ok
Reply
2
Report
KW1
·2023-01-23
Ok like
Reply
1
Report
J1000
·2023-01-23
K
Reply
3
Report
Fold Replies
- J1000:
  K
  2023-01-23
  Reply
  Report
newminted
·2023-01-23
Ok
Reply
2
Report
Fold Replies
- KW1:
  ok
  2023-01-23
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1128953607?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-01-23 10:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1128953607","market":"us","top_or_hot":-1,"title":"How Big Tech’s Pandemic Bubble Burst","media":"CNN","content":"<div>\n<p>New York (CNN) — In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his ...</p>\n\n<a href=\"https://edition.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs\">Source Link</a>\n\n</div>\n","source":"CNN","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Big Tech’s Pandemic Bubble Burst</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Big Tech’s Pandemic Bubble Burst\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-23 10:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs><strong>CNN</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN) — In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his ...</p>\n\n<a href=\"https://edition.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MSFT","symbol_name":"微软","start_time":0,"source_url":"https://edition.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs","article_id":"1128953607","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1128953607","pubTimestamp":1674440410,"sourceInfo":{"source_id":"CNN","name":"CNN"},"weMediaInfo":null,"summary":"New York (CNN) — In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the fir","collect":0,"end_time":0,"defaultTopTitle":"cnn.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MSFT":"微软","AMZN":"亚马逊","GOOGL":"谷歌A","META":"Meta Platforms, Inc.","SNAP":"Snap Inc","CRM":"赛富时"},"translate_title":"大科技大流行泡沫如何破裂","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":0.9,"CRM":0.9,"GOOGL":0.9,"META":0.9,"MSFT":0.9,"SNAP":0.9},"content_text":"New York (CNN) — In January 2021, Microsoft CEO Satya Nadella spoke in lofty terms about how the first year of the pandemic had sparked a staggering shift toward online services, benefiting his company in the process. “What we have witnessed over the past year is the dawn of a second wave of digital transformation sweeping every company and every industry,” he said.Two years later, the situation appears much more stark. Lsat week, Microsoft said it planned to lay off 10,000 employees as businesses rethink their pandemic-era digital spending and confront broader economic uncertainty. Microsoft’s customers, Nadella said, are now trying “to do more with less.”Microsoft isn’t the only company experiencing such a dramatic reversal. Days later, Google-parentcompany Alphabet followed suit, saying it plans to cut around 12,000 jobs, amounting to more than 6% of its staff.Over the past three months, Amazon, Google, Microsoft and Facebook-parent Meta have announced plans to cut more than 50,000 employees from their collective ranks, a stunning reversal fromthe early days of the pandemic when the tech giants were growing rapidly to meet surging demand from countless households living, shopping and working online. At the time, many tech leaders seemed to expect that growth to continue unabated.By September of 2022, Amazon (AMZN) had more than doubled its corporate staff compared to the same month in 2019, hiring more than half a million additional workers and vastly expanding its warehouse footprint. Meta nearly double dits headcount between March 2020 and September of last year. Microsoft (MSFT) and Google (GOOGL GOOGLE) also hired thousands of additional workers, as did other tech firms like Salesforce (CRM), Snap (SNAP) and Twitter, all of which have announced layoffs in recent weeks, too.But many of those same leaders appear to have misjudged just how much growth spurred by the pandemic would continue once people returned to their offline lives.In recent months, higher interest rates, inflation and recession fears causing a pullback in advertising and consumer spending have all weighed on tech companies’ profits and share prices. Wall Street analysts now project single-digit revenue growth during the all-important December quarter for Google, Microsoft and Amazon, and declines for Meta and Apple, when they report earnings in the coming weeks, according to Refinitiv estimates.The recent cuts in most cases amount to a relatively small percentage of each company’s overall headcount, essentially erasing the last year of gains for some but leaving them with tens or in some cases hundreds of thousands of remaining workers. But it nonetheless upends the lives of many workers now left to search for new jobs after their employers exit a period of seemingly limitless growth.“They went from being on top of the world to having to make some really tough decisions,” said Scott Kessler, global sector lead for technology, media and telecommunications at investment firm Third Bridge. “To see this dramatic reversal of fortunes… it’s not just the magnitude of these moves but the speed that they’ve played out. You’ve seen companies make the wrong strategic decisions at the wrong times.”Apple (AAPL)remains an outlier as the one major tech company that has yet to announce layoffs, although the iPhone maker has reportedly instituted a hiring freeze of all areas except research and development. Apple (AAPL) grew its staff by 20% from 2019 through last year, markedly less than some of its peers.“They’ve taken a more seemingly thoughtful approach to hiring and overall managing the company,” Kessler said.Tech CEOs, from Meta’s Mark Zuckerberg to Salesforce’s Marc Benioff, have blamed themselves for over-hiring early on in the pandemic and misreading how a surge in demand for their products would cool once Covid-19 restrictions eased. Pichai on Friday also took the blame for Alphabet’s cuts, and said he plans to return the company’s focus to its core business and “highest priorities.”“The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here,” Pichai said in an email to employees that was posted to the company’s website Friday.Notably, however, none of the Big Tech company CEOs now overseeing layoffs appear to have been hit with any change to their compensation or title.The tech layoff announcements are likely to continue into the upcoming earnings season, Kessler said, amid ongoing economic warning signs. And even companies that might not yet be feeling the pain may follow their peers’ lead in trimming their workforces.“I think there is an element of [some companies saying], ‘We might not see this right now but all these other big companies, these companies that we compete with, that we know, that we respect, are taking these kinds of actions, so maybe we should be thinking and acting accordingly,” Kessler said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9952369356,"gmtCreate":1674464974875,"gmtModify":1676538941450,"author":{"id":"4095252946433820","authorId":"4095252946433820","name":"Jason_LSE","avatar":"https://static.tigerbbs.com/60e2530d54f2a0d278bad7b3284cdef5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4095252946433820","authorIdStr":"4095252946433820"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952369356","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952380446,"gmtCreate":1674456764685,"gmtModify":1676538941140,"author":{"id":"3575544575320394","authorId":"3575544575320394","name":"来人","avatar":"https://static.tigerbbs.com/0af89587decbb8a1d3e1596adc29cb98","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3575544575320394","authorIdStr":"3575544575320394"},"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952380446","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952312908,"gmtCreate":1674450353704,"gmtModify":1676538940942,"author":{"id":"4132282127219082","authorId":"4132282127219082","name":"Thura Thein Maung","avatar":"https://community-static.tradeup.com/news/bf5e92961c1d463b16260c8ef576212e","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4132282127219082","authorIdStr":"4132282127219082"},"htmlText":"No wonder Amazon Stock was&nbsp;hit hard. Their greed and aggression make the decline of its share insufferable. even though fundamental of business is solid.&nbsp;","listText":"No wonder Amazon Stock was&nbsp;hit hard. Their greed and aggression make the decline of its share insufferable. even though fundamental of business is solid.&nbsp;","text":"No wonder Amazon Stock was hit hard. Their greed and aggression make the decline of its share insufferable. even though fundamental of business is solid.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952312908","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952311801,"gmtCreate":1674447622204,"gmtModify":1676538940832,"author":{"id":"3581563418944392","authorId":"3581563418944392","name":"Andrewinho","avatar":"https://static.tigerbbs.com/3127e2bc40ab23064a5187a00a63e19b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581563418944392","authorIdStr":"3581563418944392"},"htmlText":"😱😱😱","listText":"😱😱😱","text":"😱😱😱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952311801","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952334094,"gmtCreate":1674443158919,"gmtModify":1676538940656,"author":{"id":"4112855949003692","authorId":"4112855949003692","name":"kong1509","avatar":"https://community-static.tradeup.com/news/5c7779ca51cd488037d326183dfd5994","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4112855949003692","authorIdStr":"4112855949003692"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952334094","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952335980,"gmtCreate":1674442484040,"gmtModify":1676538940625,"author":{"id":"4106387998711340","authorId":"4106387998711340","name":"JQC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4106387998711340","authorIdStr":"4106387998711340"},"htmlText":"[OK]&nbsp;","listText":"[OK]&nbsp;","text":"[OK]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952335980","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952332869,"gmtCreate":1674442279051,"gmtModify":1676538940610,"author":{"id":"4134278158747952","authorId":"4134278158747952","name":"LimBT","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"4134278158747952","authorIdStr":"4134278158747952"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952332869","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952338660,"gmtCreate":1674441849850,"gmtModify":1676538940562,"author":{"id":"3563714281601583","authorId":"3563714281601583","name":"KW1","avatar":"https://static.tigerbbs.com/094e3f8fd8b3de3da976515926ed1403","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1,"idStr":"3563714281601583","authorIdStr":"3563714281601583"},"htmlText":"Ok like","listText":"Ok like","text":"Ok like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952338660","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9952331797,"gmtCreate":1674441488520,"gmtModify":1676538940539,"author":{"id":"3563859164285775","authorId":"3563859164285775","name":"J1000","avatar":"https://community-static.tradeup.com/news/b8ecd9c9f9155b597bf186803ea57192","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3563859164285775","authorIdStr":"3563859164285775"},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9952331797","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105630782,"gmtCreate":1674441496947,"gmtModify":1674441509555,"authorId":3563859164285775,"author":{"id":3563859164285775,"idStr":"3563859164285775","authorId":3563859164285775,"name":"J1000","avatar":"https://community-static.tradeup.com/news/b8ecd9c9f9155b597bf186803ea57192","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.11","exceedPercentage":"93.61%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9952331797,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">K</span>","text":"<span class=\"s1\">K</span>","html":"<span class=\"s1\">K</span>"}],"langContent":"EN"},{"id":9952333452,"gmtCreate":1674440889477,"gmtModify":1676538940509,"author":{"id":"3581990957315863","authorId":"3581990957315863","name":"newminted","avatar":"https://static.tigerbbs.com/f7fb0ce2c2c4a88e9708e5c7eaf6cfbf","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3581990957315863","authorIdStr":"3581990957315863"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9952333452","repostId":1128953607,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105630830,"gmtCreate":1674441856997,"gmtModify":1674441869995,"authorId":3563714281601583,"author":{"id":3563714281601583,"idStr":"3563714281601583","authorId":3563714281601583,"name":"KW1","avatar":"https://static.tigerbbs.com/094e3f8fd8b3de3da976515926ed1403","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"93.80%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9952333452,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":144,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}