Isn’t there a theory somewhere that any economic slowdown will shift offline advertising dollars onto online? Well, a report on Silicon Alley Insider suggests that this might not be the case. SAI says that Web MD has issued an earnings warning because of an advertising slowdown:

At least one ad-supported Web company is feeling the pinch from the slowdown: WebMD cut 2008 guidance today in an an earnings pre-announcement “to reflect a recent shift toward shorter term buying commitments in certain of its customers’ consumer advertising purchases.”

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