Australian shares are set to edge lower. Broad losses knock Dow Jones, S&P 500 after data disappoints. $A lower. US 10-yield yield plunges.
Each of America’s five largest tech companies 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 and Amazon are expected to report the biggest declines.
“I would not expect good news for a while ... at least for the next three quarters. I would expect more layoffs,” said Siddharth Singhai, chief investment officer at investment firm Ironhold Capital. The reduction in workforce came after the retailer overhired based on pandemic demand, echoing Meta’s aggressive hiring to meet a surge in social media usage by stuck-at-home consumers.
The five companies on an average increased their employee base by 45 per cent in 2020 and 20.5 per cent in 2021, with Apple hiring the most modestly.
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