Home » Google Admits Crypto Winter Is Hurting Ad Business – Bitcoin News

Google Admits Crypto Winter Is Hurting Ad Business – Bitcoin News

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Google acknowledges that the downturn in digital asset markets that started the current crypto winter is having a negative impact on search spending. The tech company revealed this week that third-quarter advertising growth plunged to its lowest level in almost a decade.

Google posted a 6% increase in ad revenue last quarter due to fewer encrypted ads

Online advertising giant Google has blamed slowing revenue growth in part on declining advertising spending by financial institutions, including those that deal in crypto assets. At his parent company Alphabet’s earnings call on Tuesday, Google Chief Business Officer Philipp Schindler acknowledged that search spending declined in the third quarter, and elaborated:

Financial services, for example, saw setbacks in subcategories of insurance, loans, mortgages and cryptocurrencies.

In a report that cited executives, CNBC noted that overall advertising growth was 6%, the three-month period being the weakest of any quarter since Google’s 2013. .

Youtube’s ad revenue is also declining year by year, and Google CEO Sundar Pichai has mentioned the impact of the tough macro environment on the ad business.

major cryptocurrencies such as Bitcoin (BCHMore) and Ethereum (ethereum) has lost almost 60% of its value in 2022 compared to its all-time high. Since then, the crypto industry has seen a series of bankruptcies of hedge funds and lenders. Celsius network, voyager digital, When Three Arrows Capitaldownsizing companies such as Blockchain.com and Crypto.com.

Major U.S. cryptocurrency exchange Coinbase has cut its workforce by 18% after going public in 2021, and its stock has fallen 70% this year. Google announced a partnership with a cryptocurrency trading platform in the third quarter of this year.

In early October, Google revealed it would rely on Coinbase to allow customers to pay for cloud services with cryptocurrencies in 2023. Coinbase is also expected to move its data-related applications to Google’s cloud infrastructure.

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Do you think Google’s advertising revenue will become more dependent on the state of the crypto industry going forward? Share your expectations in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain and fintech, international politics and economics are sources of inspiration.




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