Snap Inc blamed a poor economy and increased competition for its ho-hum quarterly earnings, but a rise in the key ad metric could mean good news for Facebook owner Meta Platforms and Alphabet, analysts said on Wednesday.
That could"be viewed as a healthy sign for Meta and Google," whose businesses are tuned to direct response advertisers, said Mark Shmulik, senior analyst at research firm Bernstein. Similarly, Meta has said in previous quarters that the bulk of its revenue comes from direct response advertising. Facebook and Instagram reach billions of users, turning them a key part of the marketing strategies of many brands.
The weak outlook pulled down the shares of rivals Meta, Google, and Pinterest, which also earns revenue by selling digital advertising, on Tuesday.
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