数字广告市场开年强劲，但关税与经济压力或使繁荣难以为继_老虎社区_美港股上老虎

数字广告市场开年强劲，但关税与经济压力或使繁荣难以为继

智通财经2025-05-10

尽管美国经济面临来自特朗普关税政策的阴影，数字广告市场在刚刚过去的一个季度却意外迎来了靓丽表现。智通财经APP获悉，以Meta(META.US)和Alphabet(GOOG.US,GOOGL.US)为首的科技巨头发布的第一季度财报亮眼，营收和利润均超出市场预期，股价随之上涨。外界普遍担忧经济前景，这些互联网广告巨头的表现却显示出企业依然愿意在网上推广自己的商品和服务。亚马逊(AMZN.US)的...

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unsustainable","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/507bdec8c965fd127256b2015ffdaf30","symbols_score_info":{"USJW.SI":0.6,"GOOG":0.75,"GOOGL":0.76},"content_text":"尽管美国经济面临来自特朗普关税政策的阴影，数字广告市场在刚刚过去的一个季度却意外迎来了靓丽表现。智通财经APP获悉，以Meta(META.US)和Alphabet(GOOG.US,GOOGL.US)为首的科技巨头发布的第一季度财报亮眼，营收和利润均超出市场预期，股价随之上涨。外界普遍担忧经济前景，这些互联网广告巨头的表现却显示出企业依然愿意在网上推广自己的商品和服务。亚马逊(AMZN.US)的广告业务同样令人惊喜。其第一季度广告销售额同比增长19%，增速超过了Meta(16%)和Google(9%)。其他规模较小的社交媒体和在线广告公司也纷纷交出不错的成绩单，Reddit(RDDT.US)、Snap(SNAP.US)和Pinterest(PINS.US)第一季度的销售额都超过了华尔街的预期，广告技术公司AppLovin(APP.US)和The Trade Desk(TTD.US)的盈利也表现不俗。其中，AppLovin在公布超预期财报并宣布将旗下移动游戏业务出售给Tripledot Studios后，股价大涨近15%；The Trade Desk的股价也在财报发布后飙升18%。然而，这些惊喜在高管们谈及全年展望时变成了惊吓。Meta首席财务官Susan Li在电话会议中指出，来自亚洲的跨境电商出口商正在削减数字广告预算，这主要是因为此前推动Temu和Shein等电商巨头广告投放的“小额豁免”政策已经终止。Li在分析师会议中表示：“目前还处于非常早期阶段，很难判断这种趋势在本季度甚至全年将如何演变。”Alphabet和Pinterest的高管也表达了类似观点，认为来自亚洲的广告支出正在放缓，且宏观经济的不确定性为全年带来了挑战。Snap更是直接撤回了其第二季度的业绩指引，理由是经济形势动荡可能会削减企业广告预算。The Trade Desk的首席执行官Jeff Green在周四表示，面对当前的宏观波动，市场营销人员正处于一个“关键时刻”，他们必须在变化剧烈的经济中做出抉择。富国银行投资研究所的全球股票与实物资产主管Sameer Samana则提醒市场参与者，这一波亮眼财报可能是“最好的时光”。“第一季度的表现非常强劲，去年第四季度也相当不错，”Samana说道，“但现在包括福特(F.US)、美泰(MAT.US)在内的不少公司都下调或撤回了2025年的销售预测，说明这种繁荣难以持续。”对于社交媒体和在线广告企业来说，更糟糕的信号来自零售和快速消费品领域。宝洁(PG.US)等公司已发出销售放缓的预警。eMarketer的副总裁兼首席分析师Jasmine Enberg指出，这些行业约占美国社交广告支出的50%，一旦它们减少投放，整个社交广告市场都将受到冲击。Enberg预测，广告支出放缓对小型科技平台的影响将远远大于大型平台。“在经济不确定时期，广告主往往会转向那些规模大、回报稳定的平台避险。”然而，即便是Meta这样的平台也难逃影响。品牌战略咨询公司Interbrand的全球品牌经济总监Greg Silverman表示，尽管Temu撤退后，其他零售商可能会加大在Facebook上的广告投放，这些推广活动很难重现Temu那样的高回报。“Temu之所以愿意在Facebook上大笔投放，是因为它从微关税政策中获得了巨大优势，而现在这个政策已不复存在。”Silverman解释说，“在供应链不稳、关税高企的情况下，美国本土零售商很难复制Temu的广告效益。”Samana认为，目前市场的不确定性主要源自贸易政策及其外溢效应。“年初时关税水平还很低，但年底时将明显上升，这对市场并不是好事。这一点才是核心所在。”","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}