Don Clark and Shira Ovide at the Wall Street Journal give a pretty fair assessment of recent earnings announcements:

The growth disparities are just the latest repercussions of technology shifts—including the rise of mobile devices and slowing growth in personal computers, the replacement of conventional software with online versions and outsourcing corporate internal computing operations to facilities run by other companies.

Tech’s turmoil bears similarities to the way old-line industrial companies in America’s Rust Belt lost sales to rivals in Asia and other regions. But the disrupters this time are mainly domestic and born since the Internet revolution took hold in the mid-1990s, often offering free or low-cost alternatives to widely used products.