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Google Search Power Positive for Digital Ad Trends at Meta, Says Wedbush’s Ives

Umito October 30, 2024

The strength demonstrated by Google parent Alphabet Inc. in its core search business is a positive signal for digital health advertising trends during the third quarter at Meta, Amazon, Pinterest and Trade Desk, a Wedbush analyst Dan Ives said Wednesday.

Ives expected Facebook parent Meta to remain a leader in the AI revolution’s growth trajectory this earnings season, alongside Microsoft, Alphabet, Amazon and Apple.

“Google’s Cloud segment recorded strong growth of +35% year-over-year, driven by accelerating growth in core products and AI-driven offerings. Google also added more than $1 billion in Q/Q Cloud revenue for the first time in the third quarter (based on available information), indicating a strong backdrop for AWS and the broader cloud services market. , the analyst wrote in a note to clients.