In recent days, executives from the biggest tech, retail and consumer products companies all attempted to address questions about the state of the economy, which has teetered on the brink of a recession.
It’s complicated.
In Silicon Valley, profits at tech companies like Google and Apple generally beat expectations, but executives said there are signs of some niche slowing in consumer spending. Consumer products giant Procter & Gamble said it is expecting a tougher 2023, although it’s still raising prices. Mastercard said spending was steady among the wealthy, but slowing among lower-income customers.
Meanwhile, both Walmart and Best Buy warned that when they report earnings in August, it will be worse than expected — in large part because of changes in consumer habits.
“We’re seeing strong growth,” said Amazon Chief Financial Officer Brian Olsavsky. “But we’re cognizant things could change quickly.”
Four times a year, the biggest publicly traded companies report how much money they’re making — or losing, in addition to future outlooks. Those reports provide helpful snapshots of how consumers are spending, a key metric for predicting economic performance.
Click here to read more.
Source: MSN
When you purchase a book below it supports the Number #1 Black Christian Newspaper BLACK CHRISTIAN NEWS NETWORK ONE (BCNN1.com) and it also allows us to spread the Gospel around the world.
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
