Merrill Lynch scales back online ad forecast by 25%

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New York--Merrill Lynch & Co. Inc. has scaled back its 2001 online advertising estimate, this time by 25%, to $6 billion. In January, Merrill predicted 2001 online ad spending would match 2000's $8 billion total. Merrill's top Internet analyst, Henry Blodget, delivered the revised estimate to analysts.
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