The European technology industry has lost more than $400 billion in value this year, according to venture capital firm Atomico
Dec 07, 2022| The European technology industry has lost more than $400 billion in value this year, according to venture capital firm Atomico, CNBC reported.
Atomico said Wednesday in its annual "State of European Technology" report that the combined market value of all public and private technology companies in Europe has fallen to $2.7 trillion from a peak of $3.1 trillion at the end of 2021, figures that underscore how difficult the tech sector has been over the past year.
"It's been a tough year, with the Russia-Ukraine war, inflation, interest rate hikes, geopolitical tensions across the continent, and the most challenging macroeconomic environment since the global financial crisis," said Tom Weimer, a partner at Atomico.
In Europe, some companies market values have fallen off a cliff. Klarna, the Swedish buy-pay-later group, cut its valuation from $45.6bn to $6.7bn. Meanwhile, shares of music streaming service Spotify have fallen more than 60% in the past year.
