Where do most of them get their money from?
Advertisers.
Who makes advertisers spend?
Consumers.
What happens when consumers are unemployed?
...
Advertisers.
Who makes advertisers spend?
Consumers.
What happens when consumers are unemployed?
...
https://www.sec.gov/Archives/edgar/data/1288776/000119312509...
2009 was tougher, where revenue growth slowed to 8.5%
https://www.sec.gov/Archives/edgar/data/1288776/000119312510...
This all while unemployment rocketed upwards
As they are today with GCP, security, user assurance, and everything under Alphabet not labeled Google.
Yes, ad makes up a huge %age of revenue for Aplhabet, but it’s not the only dish at the buffet.
2008/9 are not a good comparison because they were smaller companies and so much ad spend was moving from offline to online.
Maybe Meta would have to stop spending a fortune on VR if revenue declines, but it would take a lot to hurt them.
Any idea what the new headcount is doing? I can think of very little change in their services over the last handful of years, but apparently they have doubled in size in the last five! At best I could point at waymo, but they've gained 2k compared to 70k. And they already gutted stadia but that was never very big.
While 120,000 people may have been recently laid off at high profile tech companies, that's only 0.07% of the jobs market. (and many of them are highly employable and have new jobs)
If you think it's wrong, there are other measures of household economic activity that can be used in conjunction. For instance, if people lose their jobs, they're going to spend less money, which hasn't happened yet (at least through Nov '22): https://www.bea.gov/news/2022/personal-income-and-outlays-no...