US Internet "2Q26 Advertising Expert Calls Compilation: Bouncing Off the..."

研报英文原文证据摘录

US Internet "2Q26 Advertising Expert Calls Compilation: Bouncing Off the..."

June following a slower than expected April and

May, driven mainly by hesitation on campaign implementation following the outset of

the Iran conflict. Our experts noted that consumer purchasing behavior continued to be

resilient despite higher fuel prices and more generally macroeconomic uncertainty. And

while some marketers pulled some of the planned spend, much of that was eventually

reinvested in the form of performance dollars as companies offered more promotions,

incentives and generally advertised more to convert consumers.

A closer look by platform shows:

Brand-heavier platforms still seeing headwinds: 2Q26 marked another

quarter of headwinds for those platforms with a heavier mix of brand / awareness

budgets: SNAP missed forecasts by 121bps, TTD by 231bps, PINS by 192bps. We

are surprised as advertisers had flagged scope for budgets to return in late 2Q26 /

early 3Q26 (given planned campaigns around Summer events and Back to School

period, but 2026 were cut across platforms as well. 2026 budget were cut by

153bps for SNAP, by 170bps for TTD, and by 72bps for PINS. TTD's

underperformance continues to be exacerbated by share loss to AMZN.

Performance platforms see QOQ budget improvements: Experts cited

ongoing AI unlocks (PMax) as well as events like Prime Day and the world cup as

drivers of outperformance. Google Search beat by 61bps, Amazon's Sponsored

Search also beat by 47bps, while Meta was in-line.

2026 outlook revised up by 92bps: This was driven partly by budget flush similar to

how marketers managed budgets last year following Liberation Day. That said the

magnitude of the anticipated 2H26 recovery is not as robust, as 1H26 cuts this year were