Google and Meta have maintained a consistent lead in digital ad revenues globally, ahead of Amazon, Twitter, and Snapchat, according to data from Insider Intelligence/eMarketer.
However, Meta and Google suffered revenue declines of several billion dollars in the first quarter of this year.
Growth was strong last year across all companies analyzed, but it significantly decreased in the first quarter.
According to the report, Snapchat’s financial growth during the epidemic led to a hiring frenzy. Still, the firm’s lower ad income resulted in parent company Snap axing 20% of its staff earlier this week. Like other internet businesses, Snap is now attempting to increase revenue without jeopardizing its primary offering.