Happy Monday War & Peaceniks! Ready to compare and contrast?
Many are reading the tea leaves from 2Q earnings season (especially results from Meta, Roku Inc. & Google) as early indications that the ad recession is ending.
And yet… To truly see the forrest, you need to look closely at the tree rings. To understand Meta’s 2Q revenue growth, you need to measure it against their really shitty 2Q 2022. Meta’s revenue growth 2Q 2023 vs 2Q 2021 is just 10%. That is not a stellar story, especially for a big tech company, over a two year arc.
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