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The technology sector posted a year-over-year decline of 2.1% and a quarter-over-quarter decline of 6.8% in the first quarter of 2016.
The Internet subsector remained the growth driver, despite currency volatility, reporting an 11% year-over-year growth.
In the face of slowing revenue growth, the first quarter saw a number of cross-industry strategic alliances among technology companies.
On the economic front, the quarter was marked by mixed performance. Weak financial markets and volatile oil prices impacted the US economy. The Eurozone, on the other hand, posted strong results, growing at its fastest pace in the last year. Chinese stocks, which made gains in the previous quarter, once again witnessed volatile movement in Q1.
Against this backdrop, the technology IPO market took a nosedive, seeing a 93% drop in proceeds and a 55% decline in numbers from the previous quarter.