Google’s profits were damaged even more than expected as the COVID-19 pandemic caused “a significant slowdown in ad revenues,” parent company Alphabet Inc. revealed in a quarterly earnings report Tuesday.
The first-quarter results, announced after the market’s close Tuesday, initially sent Google shares up more than 3% in after-hours trading. Steep declines in transportation and entertainment ads are expected to plunge digital display ad spending in the U.S. between 5.5% and 18% in the first half of 2020, or about $8 billion to $13 billion less, according to eMarketer analyst Nicole Perrin. In early March, before COVID-19 began its stranglehold on the economy, she expected a 19% increase for the year.
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