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Big Tech braces for dismal profits, more job cuts

News Snapshot:

Keen to buttress margins and appease investor concerns at a time of slowing sales growth, big U.S. technology firms are expected to whittle away at their bloated workforce and costs through the next few months, reversing pandemic-era excesses, analysts said. Each of America’s five largest tech companies, though, are expected to report a fall in profits for the October-December period, as they try to recalibrate in a high-interest environment. Facebook-owner Meta Platforms Inc and Amazon.com Inc are expected to report the biggest declines. Analysts have cut their total revenue projection for the five companies – Meta, Amazon, Apple Inc, Alphabet…

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