Tech Company Reputations in Flux - TNTMAX

Tech Company Reputations in Flux

Technology firms are facing a significant trust gap with consumers.

Hardware producing companies fared much better than social media firms on this year’s Axios Harris Poll 100, which gauges the reputations of the most visible brands in the country.

Social Media Slump

Over the past several years, social media companies such as Facebook/Meta, Twitter, and TikTok have seen their reputations decline amid controversy over data privacy, misinformation, and content moderation.

This was evident in the annual poll, with Facebook ranking 97th, Twitter 98th, and TikTok 94th out of 100 companies.

The poll isn’t the only bad news surrounding social media this week.

This week, Snap Inc., which runs the Snapchat app, issued a dire profit warning, reported AP News (May 24). The company said that “the macroeconomic environment has deteriorated further and faster than anticipated,” since just last month.

Shares of Snap plunged 43% on Tuesday, and with Wall Street left unsure if the company is an outlier, shares of Meta Platforms, Twitter, Alphabet and Pinterest all slumped alongside it.

Social media companies are also competing for the same advertising money that is under threat from spiking inflation and changes at Apple Inc. that can restrict the information social media platforms can collect on users – a big selling point for advertisers.

Tech Hardware Firms Rank High

On the other hand, companies that produce tech hardware ranked much higher. Samsung rang in at sixth and Amazon not far behind at eighth. Sony had the number 10 spot while Microsoft, Apple, and Google ranked 15th, 21st, and 31st, respectively.

Several enterprise tech firms also fared well, with IBM ranking 11th.

Interestingly, Tesla and Apple are ranked first and fifth in terms of products and services, but 55th and 54th in terms of trust, representing the biggest consumer perception gaps between those two ratings.

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