"Our sources suggest that international ad revs are down more than in the US," said Needham analysts in the note, which projects flat revenue for Google's full 2020 year.
Alongside these losses, the analysts note that "rising unemployment levels and GDP declines" are driving lower consumer spending right now. While Facebook still has a greater share of the digital ad market than Amazon right now, Needham analysts believe that the, combined with the loss of small businesses to the pandemic, makes Amazon the bigger problem for Google.
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