Tech companies’ profit view darkens even as cost cuts spread

Revenue for S&P 500 technology companies is projected to expand about 2% in 2023. Picture: AP/Thibault Camus

The cost-cutting wave sweeping through the technology sector has not gone far enough to improve the outlook for profits, in the view of Wall Street, amid slowing revenue growth.

Layoffs numbering in the tens of thousands have been announced this year by companies including Microsoft and Salesforce.