Wachovia Lowers Ad Revenue Estimates

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By: Jennifer Saba

March results should shape up worse than expected, according to Wachovia Equity Research’s John Janedis who revised his estimates for the remainder of the year.

“We expect trends will continue to be weak, with the trajectory of any improvement flatter than we anticipated,” Janedis wrote in a note to investors.

Particularly worrisome: the recruitment category, which is experiencing a drop off in spending across the board including at online pure-plays like Monster.com. Janedis anticipates that ad revenue in that category will decline 26.6% in 2008 and that decrease might spill over into other categories like retail and national.

For Q2, Wachovia lowered its ad revenue estimate for the companies it tracks from a decline of 6.3% to a decline of 7.4%. For 2008, the forecast was lowered from a decrease of 6.7% to a decrease of 7.4%.

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