Digital ad market is avoiding coronavirus disaster, say tech giants [Reuters]
Meta Platforms, Inc. - Class A (FB)
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Source: Reuters
Digital ad market is avoiding coronavirus disaster, say tech giants April 30 (Reuters) - Reports of the demise of the digital advertising market due to the coronavirus outbreak appear exaggerated as the tech giants that dominate the online ads business, Google and Facebook, said this week they saw early signs that the worst could be over. Their remarks countered Wall Street expectations of a devastation of the digital ads market as hard-hit brands in travel and autos, traditionally big ad spenders, have pulled marketing dollars and as small businesses, the lifeblood of big tech companies’ businesses, have shut down. At Google’s parent, Alphabet Inc, first-quarter total revenue grew 13% from the previous year to $41.2 billion, while Facebook Inc’s ad sales rose 17% to $17.44 billion. They issued first-quarter results that only factored in two weeks of the widespread stay-at-home orders in the United States, but both companies also reassured investors that revenue for the first three we
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