After a turbulent year of job cuts and falling revenues, can US tech giants get back on their feet?

NEW YORK: Tech giants in the United States are exploring opportunities to spur investor confidence and prove they are back on track, after a turbulent period which has seen companies including Alphabet, Amazon, Meta and Microsoft lay off staff. 

Many big tech firms, which flourished during the COVID-19 pandemic due to low interest rates, have been reigning in their spending amid a sluggish economy. 

Now, investors are watching to see if their plans to slim down operations will regain the confidence of the markets.

REGAINING MARKET CONFIDENCE

At the New York Stock Exchange, there is optimism that such efforts are working.

Observers said big tech shares might be able to claw back at least some of the trillions of dollars of value lost last year. 

This comes following thousands of layoffs at tech giants over the past year, after a pandemic-led hiring boom left them flabby in a sluggish economy.

Meta, which owns Facebook and Instagram, culled more than 11,000 jobs last November to boost efficiency, amid a crumbling advertising market and decades-high inflation.

The tech firm expects this year’s expenses to be less than previously forecast, which has prompted a jump in its share price.

Meanwhile, Google’s parent firm Alphabet said last month that it is cutting about 12,000 jobs.