Big Tech’s Revenue Soars, Indian IT Plummets

The tables have turned. While the revenue of big tech (MAANG) seems to be improving, Indian IT (WITCH) succumbs to losses. This week, in the first quarter earnings, the big tech’s combined revenue stood at 41 percent, whereas Indian IT saw a dip in its fourth quarterly result, and experts believe that the resurgence of the IT service sector will most likely happen in the next two quarters.

Big tech’s growth rates have surged once again, thanks to aggressive cost-cutting measures that included layoffs and job cuts, alongside shutting down less profitable initiatives. This impressive financial performance has instilled confidence among investors on Wall Street. Now, investors are bracing for the tech industry’s upcoming shift in financial focus – an anticipated surge in spending to capitalise on Generative AI boom.