$Alphabet(GOOG)$‘s  advertising revenue likely fell on a year-over-year basis for only the second time in more than a decade in the fourth quarter, as the company grapples with a slowdown in digital ad spending and prepares to fend off multiple antitrust lawsuits.

Google-parent Alphabet is expected to report its third consecutive quarter of declining earnings, with forecasts compiled by Visible Alpha predicting diluted earnings per share of $1.48, an almost 13% decline from the prior year. Total ad revenue is seen shrinking 1% to $60.5 billion, weighed on by declines of nearly 5% in Youtube advertising and more than 3% on its Google Network. Alphabet reports its fourth-quarter earnings after markets close on Thursday.

Alphabet’s expectations underscore the dire situation facing the tech industry, which is recalibrating after a pandemic boom in online shopping and rock-bottom interest rates sent profits, headcounts, and valuations soaring. Alphabet became the third tech mega cap, after Microsoft (MSFT) and Amazon (AMZN), to announce layoffs in January when it cut 12,000 jobs, or about 6% of its global workforce. CEO Sundar Pichai wrote in a letter to staff that the layoffs came amid “a different economic reality” than the one that fueled its explosive growth during the pandemic.