In 2019 nobody knew what was in store. But in the subsequent mayhem, all the tech companies made hay while the lockdown sun shined. Everyone had to upgrade and buy new tech solutions and Big Tech saw record profits and record valuations during 2020-21. While a good number of companies were facing losses and shutdowns, tech boomed.
2022 saw course correction with that initial demand coming down and such growth becoming unsustainable. Profits shrunk (though they are still there), demand went down, and valuations crashed. While valuations going down by 10-20% do happen, what about 50%+? Just ask Tesla and Meta. The layoffs were inevitable and even those figures broke records.
The India IT services had problems of a different kind. The growth story that began in the 2000s…
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