Friday Five: Tech giants hit by slowing economy

Zone’s Rianna Mitchell handpicks and shares the five best news stories on digital trends, experiences and technologies…

Distressed man looking at computer

1. Tech giants hit by slowing economy

Tech giants Microsoft and Alphabet — owner of Google and YouTube — have seen a slow, sharp decline in sales. Alphabet saw its lowest quarterly growth in almost a decade, with sales rising just 6% in the three months to September. Microsoft faced a decreased demand for its technology, with sales going up 11%, its slowest revenue growth in five years.

Consumers and businesses across the globe have reduced spending due to prices and interest rate hikes. Alphabet’s CEO, Sundar Pichai, said that the company was “sharpening” its focus and “being responsive to the economic environment”. Microsoft expects demand for its PC and cloud computing technology to continue falling this year.

Apple TV+ on TV screen

2. Apple’s subscription services go up

Apple has raised the price of its TV and music subscription services, including Apple TV+, Apple Music and Apple One. According to the tech firm, the price bump is due to the increased licensing costs and its growing content library. Apple Music’s streaming service has gone from £9.99 per month to £10.99, and the Apple TV+ single package is increasing from £4.99 a month to £6.99.

Apple’s consumer loyalty will be tested, as Apple TV+ has fewer movies compared to other streaming giants like Netflix, who’s Basic with Ads package will be just £4.99 per month. Consumers around the globe continue to face raising subscription costs due to inflation and rising operational costs.

Black woman

3. 20,000 black women missing in tech

The tech industry is missing more than 20,000 black women, which will need to be recruited to bridge the representation gap in IT, according to a joint report launched this Black History Month. Coding Black Females and BCS, The Chartered Institute for IT discovered that the proportion of black women in IT is two-and-a-half times smaller than that of the entire UK workforce.

Coding Black Females said tech desperately need more professionals from diverse backgrounds. Although ethnic-minority representation is generally higher among IT specialists than in the wider workforce, the report highlights that it is predominantly tech professionals of Indian ethnicity.

Mobile phone and credit cards

4. UK consumers fear paying on social media

A new report by financial technology firm FIS revealed that 55% of UK consumers fear spending money on social media due to fraud risk. Fraud is now the biggest worry for discouraging consumers from shopping on social media platforms and 42% do not trust them with their data.

Based on the opinions of varying ages, older consumers were more concerned about fraudulent sellers while 55% of Gen X’ers expressed concerns compared to 59% of millennials. This comes as no surprise, as the City of London stated during the same week that investment fraud has increased by 49.5% in the last year, with numerous victims being targeted on social media.

Man with rocket on his back symbolising career growth

5. 7 ways to grow your marketing career

At the Festival of Marketing, Founder and CEO of The Marketing Academy, Sherilyn Shackwell, hosted a session on why career growth goes beyond just learning new skills and taking on more responsibility — it’s about having the right attitude and establishing a sense of purpose.

Based on her valuable advice, our Marketing Executive, Rianna Mitchell, summarises her essential top tips for progressing in your marketing career. Discover more here.

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We write about customer experience, employee experience, design, content & technology to share our knowledge with the wider community.