Have you ever wondered why trillions of investment dollars are indexed to the Standard & Poor’s 500 Index but almost nothing (relatively speaking) is tied to the Dow Jones Industrial Average? Go no further than yesterday’s market.
Amazon, Meta, Alphabet and Microsoft will collectively incur more than $10bn in charges related to mass redundancies, real estate and other cost-saving measures, as the Big Tech companies reveal the hefty price they incur to rein in spending. The US companies that have been implementing the largest job cuts in the tech sector disclosed the high costs related to their restructuring efforts in earnings statements released this week. The four groups had previously announced 50,000 job cuts to convince Wall Street they were heading into a “year of efficiency”, as Meta chief executive Mark Zuckerberg described it.
Apple's quarter was far from clean. Same for its earnings call.