Alphabet's online advertising took a major hit during the onset of coronavirus, and things could get really gnarly when Google’s parent company reports results Thursday. $GOOGL $GOOG
This article is part of a series tracking the effects of the COVID-19 pandemic on major businesses, and will be updated. It was originally published on April 8.
“As the COVID-19 crisis ravages more parts of the U.S. in the most nefarious and unpredictable of ways, we believe businesses will be less inclined to spend on advertising,” White said in a July 24 note that maintained a buy rating and price target of $1,420. Business in the age of COVID-19: Read profiles of how other large companies will be affected by the coronavirus
How the numbers are changing Revenue: Average analyst expectations for the second quarter were $45.86 billion at the end of 2019, but have declined to $37.3 billion as of July 27. Estimates for Google websites, which account for most of Alphabet’s revenue, have declined from $32.09 billion to $24.98 billion in that time period, according to FactSet. For the full year, analysts expect revenue of $169.7 billion.
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