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Google CEO Reports Reduced Search Spending in Q3 2022

Google's Q3 2022 earnings reveal a decline in search spending, impacting ad revenue. YouTube also saw a revenue drop, while the crypto industry faces significant challenges.
Published on 2022-10-27

Challenges in the Ad Business

Google’s Chief Business Officer, Philipp Schindler, highlighted a decline in search spending during Q3 2022. This downturn, attributed to a challenging macroeconomic climate, has significantly impacted the company’s ad business. Notably, financial services sectors such as insurance, loans, mortgages, and crypto experienced a pullback in advertising spend.

Impact on YouTube

YouTube also faced similar struggles, with its revenue shrinking annually. This decline reflects broader economic pressures affecting major platforms. Despite an overall ad growth of 6%, this quarter marked the weakest performance since 2013, excluding the early COVID-19 pandemic period.

Crypto Industry Struggles

The crypto sector has endured a tumultuous year, with Bitcoin (BTC) and Ethereum (ETH) losing nearly 60% of their value. High-profile bankruptcies, such as Celsius Network and Voyager Digital, and downsizing at companies like Blockchain.com and Crypto.com, have further destabilized the industry. Coinbase (NASDAQ:COIN), a major crypto player, has cut its workforce by 18%, with its stock price plummeting 70% in 2022.

Google’s Strategic Moves

Amid these challenges, Google announced a partnership with Coinbase to enable crypto payments for its cloud services. Additionally, Coinbase will migrate data-related applications to Google’s cloud infrastructure. These developments suggest Google is positioning itself for potential recovery in the crypto market, possibly signaling the end of the crypto winter.

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