Ad tech’s upbeat CEOs can spot the thinnest of silver linings on clouds covering all light.

Where others point out that ad spending is slowing, they agree but contend it’s still growing.

“Even if the overall growth of the ad industry is set to be flat or slightly down this year, the digital part of that mix continues to grow between 5 and 10%,” said Ogury’s chief operating officer Geoffroy Martin. “We’re a very small part of that at around 500 employees globally so there’s a lot of opportunity for us to grow.”

Like many of his peers, Martin’s more positive outlook boils down to something like this: “Ogury is a great company with short-term uncertainty and long-term potential.”