Facebook, Alphabet and Amazon are in a 'three-horse race' in advertising, Jim Cramer says

Facebook, Amazon and Alphabet, parent of Google and YouTube, all posted first-quarter results in late April. Each company said that advertising revenues dropped off in March, a month that marked the start of quarantine, nonessential business closures and a countrywide economic slump due to the fast-spreading coronavirus outbreak.

The companies did say that advertising revenue picked back up in April, the start of the second quarter, but executives are expecting headwinds going forward in the advertising market. "Over the last 25 years, we've seen the rise of the internet, and gradually all sorts of digital operators have pried ad dollars from old media," Cramer said. "Unlike everything that came before, the web lets you reach a [truly] targeted audience ... and you actually know whether your ads are being read or not."that have an ad-based business model. Marketing expenditures are typically among the first expenses that firms cut back on in recessionary environments.

Despite the dips in March, advertising revenue for the tech titans is said to have stabilized. Facebook reported that both advertising and mobile advertising were up nearly 20% during the first three months of the year. Google ad revenue rose 10% and YouTube increased about 33% to $4 billion, parent Alphabet said.By comparison,

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