Analysts have begun cutting projections for advertising growth this year, sending shockwaves through the media and tech industries.
Shares for Pinterest, Meta, Alphabet and others have taken a hit, as investors brace for more bad news during their earnings reports this week.Ad projections first saw slight cuts in March, following Russia's invasion of Ukraine, and as the global economic outlook began to weaken, so did forecasts.
That's more optimistic than some of the firm's peers. Zenith, another global ad agency, said last month that it expects the global ad market to grow 8% in 2022, down from 9.1% as originally predicted last December.
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