Traffic in the Financial District in 2016, when a diversified economy, including finance, tourism and high tech, was at a height.
Wehrner’s words could apply to the tech industry as a whole, given recent drops in the value of the tech-heavy NASDAQ exchange. Indeed, further analysis shows the troubles facing these two tech giants are representative of the broader industry as well as from their own very specific problems. This pattern broke quite significantly in the past quarter ending on March 31, 2022, as shown in the following chart. Every one of these four companies, with the exception of Apple, posted their worst net income results since the fourth fiscal quarter of 2020 and performed worse than was reported at this time last year. Why this is the case varies from company to company, but generally all except Apple experienced significant losses in revenue – with PayPal and Meta seeing the worst of it.