Tech’s biggest companies discover austerity, to the relief of investors

For much of last year, tech companies stumbled. Digital ad sales plunged. E-commerce sputtered. IPhone production stalled. And investors lost faith.

It was the worst year that the tech industry had experienced on Wall Street since the financial crisis of 2008. Apple, Amazon, Alphabet, Microsoft and Meta lost a combined $3.9 trillion in market value.

Now chastened, many tech companies have begun the year by championing a new and unfamiliar business strategy: austerity.

In recent months, several companies have said they are looking for ways to cut costs and eliminate futuristic projects that have become money pits. Amazon, Alphabet, Microsoft and Meta have each announced plans to lay off more than 10,000 workers.