Mom and pop shops are cutting software spending, creating jitters on Wall Street
Publishing timestamp: 2023-11-16 09:00:02
Summary
The article discusses how software vendors that serve small and medium-sized businesses are facing challenges due to a pullback in software spending by local and regional businesses. The article highlights the concerns of Joe Coffee, a company that helps local coffee shops compete with Starbucks, as they are seeing evidence of a consumer slowdown and are tightening their spending on software subscriptions. Other software businesses that serve SMBs, such as HubSpot, Bill Holdings, Paycom, and ZoomInfo, have also warned investors of potential trouble on the horizon. The article emphasizes the impact of inflation and high interest rates on consumer trends and the overall economy.
Sentiment: NEGATIVE
Tickers: SBUX, HUBS, BILL, ZG, MSFT, ZI, PAYC,
Keywords: breaking news: technology, zillow group inc, retail industry, bill.com holdings inc, breaking news: business, small business, economy, paycom software inc, zoominfo technologies inc, hubspot inc, microsoft corp, breaking news: economy, business news, starbucks corp, technology,