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Investor Takeaway

• Some small weakness i.e. among large business advertisers (Snap, Pinterest) but overall stable trends as SMBs continue to spend and marketing spend from CPG customers is expected to remain stable.
• There are some indications that the shift to performance marketing may be accelerating but not conclusive yet. IAB September 2025 report
• If there is a recession Alphabet or others doing brand marketing e.g. Pinterest would likely be weak first as seen during Covid but so far their ad revenue growth (Pinterest, Google) is stable
  • State of advertising industry as of November 26, 2025
    • IAB September 2025 report </aside>

See also:

• Impact of Trump’s tariffs on Meta platforms
• State of advertising industry as of August 14, 2025