Evelyn Mitchell, an analyst at Insider Intelligence, said, “For a company the size and impressive of such a disappointing result as Google, (i.e. the advertising industry) won’t turn around in a quarter.”
Snap Inc., owner of photo messaging app Snapchat, said Tuesday it expects revenue for the current quarter to decline 10% due to competition for advertising dollars and a challenging economy.
“(Advertisers) are managing their spend very carefully so that they can quickly respond to any changes in the environment,” Snap CEO Evan Spiegel said during the earnings call.
Meta Platforms Inc., the second-largest digital advertising platform, lifted Wall Street on Wednesday with its cost cuts and big share buybacks, even as it reported a third straight quarter of year-over-year revenue declines.