Facebook Warning Shows Threat to Google as Ad Budgets Shrink

(Bloomberg) — Google and other digital advertising companies are seeing revenue growth wither as marketers slash spending ahead of an expected recession triggered by the coronavirus.The global pandemic and the ensuing slump in economic activity is crushing several industries that have been big buyers of Google and Facebook Inc. ads, including online travel agents, automakers, restaurants and retail.“I’m hearing some big numbers, with ad spending down 30% to 50% across the board,” said Rob Griffin, founder of digital ad consulting firm G5 Futures. Some marketers will slash budgets by 80% or 90%, while others may stop for a while if …read more

Source:: Yahoo Finance


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