I think the ad market was heavily affected. We saw that with Snap for example (their stock fell badly on the earnings release as it disappointed). Google just r

I think the ad market was heavily affected. We saw that with Snap for example (their stock fell badly on the earnings release as it disappointed). Google just reported the first revenue decline in their history. Facebook's sales growth rate was a mere 11%, which is the slowest in their history and is very slow for them. It probably would have been considerably higher in normal times (more like ~18%-25% or more). Forecasts across the ad industry are quite weak going forward.