Amazon, Meta, and other big tech firms have entered the 'Great Hesitation' — cutting hiring and other costs in fear of an economic downturn
are now predicting that a recession is coming — the big question is how severe it will be.
"I think all of these companies are in this so-called 'Great Hesitation,'" Keith Hwang, the managing director of the tech-investment fund Selcouth Capital Management, said."No one's fully clear on how bad it's going to be. No one's seeing the full impact of that. So based on that, you have all these companies that are trying to, first and foremost, manage their costs down significantly.
Advertising budgets are typically the first thing to be cut from corporate budgets in a recession. That may mean potential pain for Meta, Facebook's parent company, which is already reeling from billions in lost revenue as a result of changes made by Apple to how apps can track users on iOS. Google, with its heavy reliance on ad revenues from Search and YouTube, would also be impacted.
The tech companies that prospered wildly through the pandemic may be the most at risk, Hwang warned.
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