San Francisco Companies Had a Brutal Year. One Stock Chart Shows the Damage
Written by Maryann Jones ThompsonPublished Dec. 19, 2022 • 10:37am
Business
A trader working on the floor of the New York Stock Exchange in December 2022. | Michael M. Santiago/Getty Images
If 2022 was a bad year for the financial markets overall, it was a horrible year for San Francisco companies.
An analysis of 84 stocks finds just six businesses wrapped the year with an increase in share price: two were acquired during the year, three were in the healthcare/biotech sector and then—of course—there was PG&E.
The rest? A long list of losses. While Visa and Dropbox finished the year not too far from where they started, most had losses well into the double digits. In fact, 16 SF companies lost more than 80% of their value.
With a recession on the horizon, a faltering city economy and 24,000 layoffs, it is no wonder that many are comparing today’s tech stock crash to the burst of the dot-com bubble two decades ago.
Check the table below to see how San Francisco’s public companies weathered the economic storms of 2022.
Maryann Jones Thompson can be reached at [email protected]
