One of the underlying themes from the COVID-19 pandemic is that technology companies in particular experienced an unforeseen influx of business. For example, as remote work became the default option, cybersecurity firms and cloud computing applications saw booming demand.

Another area that witnessed high growth was e-commerce. Companies like Amazon and Meta Platforms (NASDAQ: META) saw a huge uptick in online advertising and shopping. However, another underlying theme from the pandemic was that as companies generated record revenue and profits, some reinvested this excess cash into new, non-core initiatives.

As a result, many companies overhired and subsequently resorted to layoffs. In early February, Meta Platforms CEO Mark Zuckerberg declared 2023 the "year of efficiency" during the company's fourth-quarter earnings call. Effectively, Zuckerberg made it clear that Meta was returning back to its roots: advertising. Its longer-term investments, namely the metaverse, were going to take a back seat. 

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Source Fool.com