Despite widespread investor concerns about how Big Tech earnings would fare in the first three months of 2022, most of the results were surprisingly solid.

But the companies’ warnings of the challenges they now face underscore how rocky 2022 could get for even some of corporate America’s most valuable companies. Those obstacles include: inflation, war in Ukraine, a semiconductor shortage, declining advertising revenue, softer consumer spending, and the lingering effects of the COVID-19 pandemic.

Financial Times