The tech sector had a tough year in 2022. With interest rates soaring amid rising inflation, the economy slowed and many tech companies that borrowed heavily to invest in their growth faced increased costs. As a result, they sought to reduce their expenses, including by slashing staff, leading more than 153,000 tech workers to lose their jobs last year, according to data from Layoffs.fyi. In the stock market, the tech-heavy Nasdaq took a beating as well, falling over 30% as investors sought safer assets amid Wall Street’s consistent recession predictions.
But despite the dark headlines, falling stock prices, and job cuts, big tech companies still dominated the 69th annual Fortune 500 list. The top 10 Fortune 500 companies included three big tech firms, even as the wider sector faced one of its worst years in the past decade.
