Vulnerable, yes but the google earnings from yesterday show even in advertising, there seems to be a temporary floor.
Entirely possible the floor is a temporary illusion and falls out over next 3mo, but the market is betting that won’t happen (I don’t know why, I’m not an expert on ads)
Yes, it could conceivably go either way at present, and I guess the market is being optimistic, but most countries are locking down for months, not weeks, and there may unfortunately be a second wave for some.
Do bear in mind those google results were for a quarter which was pretty much untouched outside China.
Entirely possible the floor is a temporary illusion and falls out over next 3mo, but the market is betting that won’t happen (I don’t know why, I’m not an expert on ads)