The IT sector has gradually become one of the most profitable and fast-growing in the US economy. An outstanding rise of 70% in the recent four years seems a moderate boost when compared with a 500% growth since 2012. It comes as no surprise that the United States is the home to the largest tech giants in the world such as Google, Apple, Amazon, Meta, Microsoft, Intel, and thousands of lesser but still impressive caliber, who daily push the world economy forward.
With rising revenues comes rising costs, which for the first time in a decade may result in a profit decline. In the wake of macroeconomics pressure, the year 2023 would be a period of cost-cutting strategies for all major Big tech companies. The consequences of the COVID pandemic, the expected recession in the global economy, the rise of the Federal Reserve’s interest rate, and the War in Ukraine. All this, at least temporarily, halt the revenue and earnings growth, which the entire industry has used to in the last ten years of the rise in demand for digital products and services.