Wall Street long groused about cash-generating tech companies refusing to pay dividends and buy back stock. That is no longer a problem, in multiple respects.
For years, Wall Street groused about Silicon Valley’s refusal to pay dividends and buy back stock as tech companies grew into cash-generating machines.
That is no longer a problem, even though those tech companies are generating fewer profits than they were in previous years. In fact, some tech companies are basically paying off Wall Street even as they cut the workers that made them multibillion-dollar tech giants in the first place. Meta still expects an additional $1 billion in restructuring costs in 2023, after laying off more than 11,000 employees, or about 13% of its global workforce. Chief Executive Mark Zuckerberg took the blame for the cuts when they were announced, as a macroeconomic downturn accelerated and made Meta’s massive growth look like profligate spending.
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