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July 6, 2020

Facebook, Twitter face revenue hit from boycotts

By DAMIAN J. TROISE
AP Business Writer

Verizon's decision to join the growing boycott against Facebook and Twitter risks hurting the social media giants where it hurts most: their advertising revenue.

Advertising accounts for nearly all Facebook's $70.7 billion annual revenue, and a similar share of Twitter's $3.46 billion. Both already faced declining ad spending as big advertisers like Ford and Coca-Cola cut their budgets amid the pandemic and recession.


 
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