US Internet: Takeaways from 2Q26 Ad Expert Call Series - 6

研报英文原文证据摘录

US Internet: Takeaways from 2Q26 Ad Expert Call Series - 6

came in at 4.9% tarini.padmanabhan@ubs.com

and YouTube 12.9% vs 4.0% and 11.5% anticipated respectively. The better than +1-212-713 1201

expected YouTube growth was driven largely by world cup promotional content. In

2026, Search and YouTube budgets are revised to 4.6% and 12% from 4.0% and

10.7% respectively as the former is expected to benefit from financial services /

insurance and political spending while the latter will see the return of college and

pro sports content in the fall.

META (Directionally slightly +ve): Beat in the quarter of 7.1% vs 6%

anticipated despite a modest dip in ROAS which was not expected, as our expert

noted some SMB fall off given the slow down of discretionary dollars. Otherwise

ROAS growth continues to be up ~0.8% YOY despite SMB fragility. 2026 revised

view was moved to 6.5% from 6%.

AMZN (Directionally +ve): Material beat of 15.1% vs 12.2% anticipated as our

expert onboarded sizeable DSP spend to the platform noting the lower fees.

Prime Day in June also pulled forward ~100-120bps of benefit in the quarter

largely towards sponsored brand. In 2H26, Amazon is set to face significantly

tougher comps particularly as advertisers pulled forward budgets to spend around

the world cup that said the platform's focus on its studio content and live sports

could pull budgets up higher. 2026 forecast is now 16.3% vs 15.9% prior.

TTD (Directionally -ve): Reported 6.1% growth YOY or 190bps shortfall as our

expert pulled budgets out of its core business but added some back into political

given the platform's high exposure on the latter. That said, the platform has

significant exposure to auto which continues to lag on the aggregate - approx 10-

12% of its revenue is derived from the vertical.