Facebook, Google may lose over $44 billion in ad revenue: Report

San Francisco: The novel coronavirus pandemic can wipe out more than $44 billion in global ad revenue for the tech giants Facebook and Google in 2020 as digital advertising runs dry, a new report has predicted.

According to global investment bank and financial services company Cowen & Co., Google’s total net revenue is projected to be about $127.5 billion — down $28.6 billion. Facebook’s ad revenue for 2020 is forecast at $67.8 billion — a decrease of $15.7 billion, Variety reported on Thursday, quoting Cowen’s data.

However, Facebook’s advertising business is projected to “bounce back” in 2021, growing 23 per cent (year-over-year) to $83 billion, said the Cowen analyst team. (IANS)

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