Big Tech earnings show digital ads market not out of the woods

After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear.

"For a company the size of Google and as influential as Google to have such disappointing results, won't turn around in one quarter," said Evelyn Mitchell, an analyst at Insider Intelligence. Meta Platforms Inc, the second-largest digital ad platform, lifted Wall Street on Wednesday with its cost cuts and big share buyback, though it posted its third consecutive quarter of year-over-year revenue decline.

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