Amazon.com Inc., Meta Platforms Inc., Alphabet Inc. and Microsoft Corp. lead a packed week of first-quarter earnings.
After huge pandemic-fueled growth, the nation’s biggest tech companies have been laying off workers in recent months as digital demand has plunged, while “pivoting” to a lot of talk about artificial intelligence.
The online-shopping and cloud-computing giant posted its worst annual loss on record last year, as the valuation of investment Rivian Automotive Inc. RIVN plunged and growth declined across its business. Wall Street expects a huge rebound this year, and the S&P 500 is counting on it. “While we’re pleased with the size and growth of our grocery business, we aspire to serve more of our customers’ grocery needs than we do today,” Chief Executive Andy Jassy said in his annual letter to shareholders this month. “To do so, we need a broader physical store footprint given that most of the grocery shopping still happens in physical venues.”
Those companies will also report in the wake of Silicon Valley Bank’s collapse, after rising interest rates shut off the spigot for tech funding and tanked the value of other investments by the bank. The fallout threatened to swallow up First Republic Bank FRC , which reports on Monday.
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