The world’s major technology companies all released their quarterly results last week, and in each case the damage from a weakening global economy was clearly evident. The witchcraft of rising interest rates, higher fuel costs, the Russian attack on Ukraine, ongoing supply chain problems and the strengthening US dollar is infecting every tech company. “We’ll all go together when we go”, the great Tom teacher once sang. Financial misfortune is the great leveler.
But last week’s earnings reports also made it clear that each item on this familiar list of economic woes will eventually recede, leaving behind individual company histories, some stronger than others.
Are we in a recession? It certainly seems so, but it won’t last forever. Some other problems are already fading away. For example, fuel prices have fallen. And in the chip industry, concerns about shortages have been replaced by fears of oversupply.
This earnings season has…