Facebook, Alphabet and Amazon are in a ‘three-horse race’ in advertising, Jim Cramer says
The three largest internet companies effectively control the advertising space after gobbling up more market share and reporting “truly blowout [ad] numbers” last quarter, CNBC’s Jim Cramer said Wednesday.
“They’ve now pulled away. Advertising is once again a three-horse race, just like when I was a kid … when it was just NBC, ABC and CBS,” the “Mad Money” host said. “Today, we have the same thing, only it’s Facebook, Amazon and Alphabet.”
Facebook, Amazon and Alphabet, parent of Google and YouTube, all posted first-quarter results in late April. Each company said that advertising revenues dropped off in March, a month that marked the start of quarantine, nonessential business closures and a countrywide economic slump due to the fast-spreading coronavirus outbreak.
The companies did say that advertising revenue picked back up in April, the start of the second quarter, but executives are expecting headwinds …continued .
[Source: CNBC News]