Now that all five of the U.S. Big Tech companies have reported, the numbers are in and they are staggering
Big Tech headed into 2021 with more than nine months of pandemic experience, but were still surprised by the extent of supply-chain disruptions, labor shortages and rising prices.
For some context on that profit figure: Apple, the most valuable company in U.S. history thanks to a series of amazing profits, took 37 years as a public company — 1980 through 2017 — to collect that much profit in total. Yet the iPhone manufacturer contributed the largest portion of 2021’s technology sector profit, topping $100 billion for the first time, a figure that itself eclipses the total profit Apple collected in its first three decades on the market.
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But what about 2022? While the financial performance of 2021 were tremendous for Big Tech, the only thing Wall Street wants to know is if it will continue. And there are some worthwhile questions about that, even as the bulls continue to insist there is nothing but further gains ahead. The outlook for the first quarter, as expected, was relatively weak, especially for Facebook, which lost a record $232 billion in market cap on Thursday after it warned of a whole host of “headwinds,” including competition from TikTok, the impact from Apple’s privacy changes on its advertising revenue, and overall macroeconomic constraints on advertising spending.
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