No boom can last forever, even for the technology industry’s most affluent companies. Investors punished the biggest tech companies earlier this year, erasing $2 trillion in market value over fears the industry would falter in the face of rising inflation and a slowing economy.

But this week, as the United States reported that economic output fell for the second straight quarter, Microsoft, Alphabet, Amazon and Apple posted sales and profits that showed their businesses have the dominance and diversity to defy the economic woes hurting smaller companies.

Microsoft and Amazon proved that their lucrative cloud businesses were continuing to expand even as the economy cools. Alphabet’s subsidiary, Google, demonstrated that search advertisements remained in demand among travel companies and retailers. And Apple papered over a downturn in its device business by increasing its sales of apps and subscription services.

even as Alphabet and Microsoft fell short of Wall Street’s expectations.

The results made clear that the companies are not immune to problems such as supply-chain disruptions, rising costs and shifts in customer spending. But their giant businesses are not as vulnerable to the various challenges sweeping across the economy as smaller companies like Twitter and Snap, the owner of Snapchat.

During calls with analysts, the companies’ chief executives cautioned investors about the months ahead, using words like “challenges” and “uncertainty.” Concerns about the economy are leading some of them, including Alphabet, to slow the pace of hiring and take other precautions, but none have said they plan to begin making layoffs.

Meta, the company formerly known as Facebook, was an outlier among the biggest tech companies, reporting its first decline in quarterly revenue since going public a decade ago. Its woes were an outgrowth of rising competition from TikTok, which has sapped it of users and advertisers, and challenges from privacy changes on iPhones implemented by Apple.

cut about 10 percent of its staff. Harley Finkelstein, president of Shopify, said this year would be “a transition year in which e-commerce is largely reset” to the growth levels it recorded before Covid-19.

Apple’s biggest obstacle came from its dependency on China to manufacture most of its devices. In April, the company said it would lose about $4 billion in sales because of factory shutdowns in Shanghai, where it manufactures iPads and Macs. But it still managed to increase its sales of iPhones in the period by 3 percent and set a quarterly record for the number of people who traded Android smartphones for iPhones.

Tim Cook, the chief executive of Apple, said that Apple saw “a cocktail of headwinds,” including the supply constraints, the strengthening dollar that increased device prices overseas and the slowing global economy.

“When you think about the number of challenges in the quarter, we feel really good about the growth that we put up,” Mr. Cook said. He added that the company would invest through a downturn, but be “deliberate in doing so in recognition of the realities of the environment.”