(Reuters) – Reports of the demise of the digital advertising market due to the coronavirus outbreak appear exaggerated as the tech giants dominating the online ads business, Google and Facebook, said this week they saw early signs that the worst could be over.
FILE PHOTO: Facebook, Google and Twitter logos are seen in this combination photo from Reuters files. REUTERS
Their remarks countered Wall Street expectations of a devastation of the 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 factored in only two weeks of the widespread stay-at-home orders in the United States. But both companies also reassured investors that…
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