Amazon's advertising business grew 19%, while Google and Meta both deal with slowdowns
Publishing timestamp: 2023-02-02 19:40:54
Summary
Amazon's online advertising business continues to grow fast, challenging digital ad titans like Meta and Google. Amazon now holds 7.3% of overall online ad market, trailing Alphabet's Google, and Meta-owned Facebook and Instagram. Despite a general slowdown in digital advertising, Amazon's advertising services unit brought in $11.6 billion in sales for fourth quarter, representing 19% year-over-year increase. Alphabet reported fourth-quarter advertising revenues of $59.04 billion, a slowdown from $61.24 billion in year-earlier quarter. Tech companies are facing pressure from several factors, including tough economy, increased competition from TikTok, and Apple's 2021 iOS privacy update.
Sentiment: NEUTRAL
Tickers: SNAP, AMZN, META, GOOGL, AAPL,
Keywords: alphabet class a, technology, advertising, meta platforms inc, mobile, amazon.com inc, social media, internet, business news, snap inc, apple inc, breaking news: technology,
Source: https://www.cnbc.com/2023/02/02/amazons-advertising-business-grew-19percent-unlike-google-meta.html