Advertisers are sticking with safe havens Alphabet and Meta Platforms in an uncertain economy, their quarterly results showed, likely helping the tech giants take market share away from smaller digital ad sellers such as Snap Inc .
Following a pandemic-led spending bonanza by advertisers who wanted to reach customers online, ad sales-reliant tech firms faced tough comparisons in the past several quarters. Customers cut their ad budgets after interest rates rose and record-high inflation fueled worries about the economy.
"Advertisers are simply going back to platforms they know, like and trust," said Brian Mulberry, a portfolio manager at Zacks Investment Management.at Google-parent Alphabet slipped from a year earlier to $54.55 billion, but beat what analysts were expecting. The company on Tuesday played up its work in artificial intelligence , saying that helped it improve the relevance of ads shown to users and even automatically generate text that can be used in a brand's ads.in the first quarter and that it was investing in AI to lure advertisers to spend more on its platforms.The social media advertising market overall is expected to grow 6% this year to $66 billion, according to MAGNA.
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