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With brands pulling back on advertising during this period of economic uncertainty, Snap, Meta and Alphabet have all reported disappointing third quarters.
“We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressures and rising costs of capital,” Snap wrote in a letter to investors published Oct. 20.
One tech company, however, is seeing its ad business continue to grow: Amazon.
For the three-month period ending Sept.
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