Apple, Alphabet, Amazon Hurt as Economic Slump Crimps Demand
- ‘Headwinds kept the consumer sentiment weak in 2022’
- Tech CEOs point to some bright spots, such as the use of AI
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Technology bellwethers Apple Inc., Amazon.com Inc. and Alphabet Inc. posted results Thursday that show an economic slowdown is throttling demand for everything from electronics and e-commerce to cloud computing and digital advertising.
Apple’s sales fell more than analysts predicted during the holiday quarter, slammed by slack purchases of iPhones and Macs. Amazon’s revenue was trimmed by soft consumer demand for products sold online and slowing growth in a once-booming business that provides remote computing power to companies. Alphabet’s results missed estimates after customers curtailed orders for ads that appear alongside online search results.