High-flying tech giants buffeted by turbulent times, earnings show

Apple reported better-than-expected profits on robust consumer demand for its devices and services even as revenue growth slowed while it navigated an ongoing semiconductor supply crunch. Tech giants that saw good times during the pandemic are dealing with a "hangover" compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

The firms may be feeling a bit of a "post-pandemic hangover," according to eMarketer analyst Paul Verna. The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian. The iPhone maker registered record revenues for the quarter, but executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended.

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Tech stocks slump again; Nasdaq has worst loss since 2020Stocks closed broadly lower on Wall Street Tuesday, weighed down by sharp declines in big tech stocks that also left the Nasdaq composite with its worst drop since September 2020. Go woke go broke. More big budget cuts coming for schools. CalSTRS is $100 billion in debt and invests in loads of garbage.
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