Google’s parent company Alphabet posted lower profits and only a small revenue increase, while Amazon also reported a fall in profits. Apple posted its first quarterly revenue drop in nearly four years.

In Apple’s case, Covid restrictions at its manufacturing factories in China hit production, which impacted sales of the iPhone during the festive period.

Meanwhile, Google’s profits were impacted by slowing digital advertising sales as advertisers cut spending because of rising inflation and costs.

Amazon’s latest profit drop continued a trend of slowing sales post-pandemic as people became less reliant on online shopping. Amazon, like many other online firms, saw a growth spike during the pandemic and hired more staff to handle the increased demand.

Now many of these firms have been forced to make staff cuts as that increased demand recedes and consumers are also hit by increased inflation and the rising cost of living.

Amazon – alongside Alphabet, M...