Meta is facing a different and - and perhaps existential - set of challenges but I was drawn today to the text below regarding Alphabet's and Microsoft's 'disappointing' set of results: "sales rose just 6% in the three months to September" and "sales rose by 11% to $50.1bn, marking its slowest growth in five years".
As the economic headwinds grow in strength, stories like this make me grateful to be part of the technology sector which continues to show such resilience. Those who can remember the downturn that followed the bursting of the 'Dotcom Bubble' back in 2001 will recall the nuclear winter that followed. It was the tech sector that took us into that downturn. It will be the tech sector that brings us out of this one.
Sales at the tech giants Alphabet and Microsoft have slowed sharply, adding to fears of a downturn in the economy. Alphabet, which owns Google and YouTube, said sales rose just 6% in the three months to September, to $69bn, as firms cut their advertising budgets. It marked the US firm's weakest quarterly growth in nearly a decade outside of the start of the pandemic. Microsoft meanwhile said demand for its computers and other technology had weakened. Its sales rose by 11% to $50.1bn, marking its slowest revenue growth in five years.