Harley Finkelstein, president of Shopify, said this year would be “a transition year in which e-commerce is largely reset” to the growth levels it recorded before Covid-19.Īpple’s biggest obstacle came from its dependency on China to manufacture most of its devices. But as sales have cooled - with the number of items it sold up just 1 percent in the most recent quarter - it has reversed course and decided to close, delay or cancel at least 35 warehouse openings.Īmazon’s smaller e-commerce rival, Shopify, said it would cut about 10 percent of its staff. Convinced that a surge in online orders during the pandemic represented a fundamental change in the way people shopped, Amazon advanced an ambitious plan to open dozens of new warehouses. Similar challenges have hit the e-commerce market.
Its woes were an outgrowth of rising competition from TikTok, which has sapped it of users and advertisers, and challenges from privacy changes on iPhones implemented by Apple. Meta, the company formerly known as Facebook, was an outlier among the biggest tech companies, reporting its first decline in quarterly revenue since going public a decade ago. Apple’s purchase of $21.7 billion and Alphabet’s purchase of $15.2 billion testified to the companies’ belief that their businesses will continue to grow in the years ahead. Though Apple and Alphabet didn’t provide guidance, the companies bought back tens of billions of dollars in stock during the period. “If we do avoid a severe recession, it’s clear that a lot of these businesses will see growth rate pick back up.” “That’s not a recession forecast,” said Sean Stannard-Stockton, president of Ensemble Capital, a San Francisco-based investment firm with $1.3 billion under management.
Satya Nadella, the chief executive officer at Microsoft, said the company would invest over the year to take share and build its businesses, while Brian Olsavsky, Amazon’s finance chief, said it would have more product in stock and speedier deliveries. In what many investors interpreted as a testament to the industry’s optimism, Microsoft said it expected double-digit revenue growth for the next year, and Amazon said it expected sales to increase at least 13 percent in the current quarter.
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