The article suggests that the stock market hasn’t priced this in yet. I don’t think that’s true.

Facebook and Google are both down more than 20% from their recent highs (along with the rest of the market, of course).

No one thinks that a recession is any kind of existential threat for either of them - they both have plenty of cash and fat profit margins.

And if anything, both companies are positioned to emerge from the pandemic in a stronger position than they started - with fewer competitors, more users, less expensive competition for talent (* whimpers *), and acceleration of long-term societal trends that benefit them.

Investors are not going to take their eye off the medium-term future of these companies because of an expected few poor quarters for very well-understood and temporary reasons.