- Sports and big tech have become increasingly intertwined.
- Are sports driving meaningful impact on big tech bottom lines?
With Microsoft, Apple, Amazon, Spotify, and others reporting earnings this week, the market was prepared to see how the world’s behemoths are faring in what can be described as a “turbulent” economic environment.
At the end of the week, Bloomberg published an article titled “Tech Stocks Lose $1.8 Trillion in a Month Thanks to Fed.” The headline speaks volumes: As the federal reserve continues to hike interest rates, valuations for technology companies have suffered.
You don’t have to look much further than the “pandemic darlings” to see the stark change in narrative in 2022. Companies like Netflix, PayPal, Peloton, Zoom, and Docusign are all down more than 60% from their pandemic highs.
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This article was written by Liam Killingstad for Front Office Sports.
