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There is a bad mood at US tech companies

admin by admin
May 27, 2022
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There is a bad mood at US tech companies
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San Francisco Just a few months ago, US technology companies regularly set new records in stock market valuation. The picture has now completely changed. The Facebook group Meta has lost about half of its rating compared to the peak in September. But it could be much worse.

The Snap photo app is a leading indicator of the development of tech values. The company is usually one of the first to submit quarterly figures and thus set the tenor for the entire season.

On Tuesday, Snap’s management surprised with a business warning. It is likely that the targets for sales and operating profit will be missed. As a result, Snap’s stock slumped more than 40 percent on Tuesday.

Snap had already warned of difficulties in April. But it seems to be getting much worse now. In the first quarter, the increase in sales was still 38 percent – although after the Russian invasion of Ukraine, many advertisers had temporarily stopped their campaigns. Snap then only expected growth of 20 to 25 percent for the current quarter. These goals are probably no longer tenable.

Last week I was at an evening event with several CEOs of tech companies here from San Francisco. I am not allowed to give details because the conversations were confidential. What I can say: the mood is not good. Investors are holding back. The fear of a recession is great. Snap chief executive Evan Spiegel has already announced tough cuts to the workforce.

For the current issue of the Handelsblatt Today podcast, colleague Lena Jesberg has dealt with the situation of tech stocks and asks the question whether now is the right time to buy.

Once again, the focus is also on the Facebook group Meta. A lawsuit was filed against CEO Mark Zuckerberg on Monday. Along with concerns about a recession and Snap’s profit warning, Facebook shares slumped more than eight percent on Tuesday. In an analysis, I have traced the tense situation within the Facebook Group.

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