Needham analysts said Tuesday they were lowering revenue estimates for Google's second quarter to down 7% year-over-year because of the company's declining U.S. search revenue.
Needham analysts said Tuesday they were lowering revenue estimates for Google's second quarter because of declining U.S. search revenue.Needham analysts Amazon represents a "structural attack against Google's-search product, not just a COVID-19 related problem."Jaap Jurriens | NurPhoto | Getty Images's second quarter revenue will be down 7% year-over-year because of the company's declining U.S. search revenue.
"Until COVID-19 is controlled enough that the economy strengthens and consumer demand returns," analysts said they expected those travel, entertainment, media and retail categories would remain weak. Needham now expects Google's revenue to be flat or slightly down for the full year. It previously expectedLast year in the U.S., Google held 31.6% of total digital advertising spending with Facebook and Amazon holding 22.7% and 7.8% respectively, according to eMarketer. This year, the firm expects Google to claim 29.4% of digital ad spending with Facebook and Amazon holding 23.4% and 9.5%, respectively.
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