Asked about advertising trends, Philipp Schindler flagged one specific policy change he expects to weigh modestly on ad revenue this year.

Philipp Schindler · Alphabet Investor Relations · Alphabet 2025 Q1 Earnings Call

“I mean, we're obviously not immune to the macro environment, but we wouldn't want to speculate about potential impacts beyond noting that the changes to the de minimis exemption will obviously cause a slight headwind to our ads business in 2025, primarily from APAC-based retailers.”

Educational summary of a public statement. Not investment advice.