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Tech companies are preparing to release their second quarter earnings reports, leaving investors holding their breath.
In just the last several weeks, companies as large as Meta have announced that they have either slowed their hiring down or are moving forward with layoffs due to decreased earnings and in preparation for an economic downturn.
“It’s not a great time for tech in general,” said Paul Verna, analyst at market analysis firm Insider Intelligence. “There is no question that companies are going to be spending less, cutting back budgets, and maybe implementing hiring freezes. None of that is good news for the next quarter.”
Among the companies that have scheduled earnings calls in the coming weeks are Meta, Netflix, Tesla, and Twitter — all of which have made headlines for adjusting hiring processes recently.
More and more economists are predicting that the U.S. is on the verge of falling into a recession over the next year as the Federal Reserve conducts interest rate hikes to stave off inflation.
This is impacting the tech industry in particular, which up until now have been viewed as reliable investments.
“If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent history,” said Mark Zuckerberg, CEO of Meta, which recently informed managers that they must review and reconsider low-ranking performers.
