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.
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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.
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Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon