The novel coronavirus is not only changing the world as we know it but also wiping out billions of dollars in a matter of weeks. Facebook and Google might very well be some of the biggest victims with over $44billion lost in global ad revenue. According to a new report, digital advertising is running dry rendering these tech giants huge amounts of losses.

Moreover, Google’s net revenue is projected to be about $127.5 billion, having dropped by $28.6 billion. As for Facebook, its ad revenue for the year is estimated at $67.8 billion, dropping by $15.7 billion. This comes almost a week after there was a positive report of these companies getting spikes in the number of active daily users.

“For full-year 2020, Google will generate $54.3 billion in operating income (43% adjusted EBITDA margin) and Facebook will pull in $33.7 billion (49% margin),” according to Cowen’s forecast.

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To defend it even further, Facebook has admitted that its ad business has been unfavourably affected especially in countries severely hit. On the other hand, the company’s platforms like WhatsApp and Messenger have been exposed with more people switching to regular messaging.

Meanwhile, Amazon’s ad business hasn’t been hit as hard since the online retail platform depends mostly on product search. And as it is, that is spiking as well as people move to online shopping.

However, Facebook’s ad revenue is expected “to “bounce back” in 2021, growing by approximately 23% to $83 billion.” It is clear that as the global economy suffers to the pandemic, every giant even in tech will have a lot to deal with during this period.