Analysis: Big tech beats forecasts – but they’re not out of the woods yet
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City AM
City AM
By Abby Wallace Meta, Microsoft, and Google’s parent, Alphabet, Amazon all showed signs of resilience this week after a bruising period for the tech sector. After many US tech firms laid off thousands of staff in response to low growth and inflationary pressures, each of these leading tech giants reported quarterly revenues and profits that beat analyst estimates, bumping their shares higher. Meta’s chief executive Mark Zuckerberg said on Wednesday that AI had helped drum up ad sales by bringing more traffic to Facebook and Instagram. Its total revenue increased by 3 per cent to $28.6bn (£22.9…