The latest earnings call from Google’s parent company Alphabet highlighted a decline in search ad spend from financial services and cryptocurrency subcategories.
Alphabet announces earnings report For the third quarter on October 25, it outlines a 6% increase in total revenue of $69.1 billion compared to last year’s third quarter. Earnings he declined slightly from Q2 2022, down from $69.7 billion.
However, a breakdown of revenue from Google services, including advertising revenue, shows that this segment grew from $58.8 billion to $61.3 billion over the past year.
Philip Schindler, Google’s Chief Business Officer, I got it Alphabet’s Oct. 25 earnings call showed significant quarterly declines in advertising spending, particularly in the financial and cryptocurrency sectors.
“We have seen spending declines by some advertisers in certain areas of search advertising. Financial services, for example, has seen setbacks in subcategories of insurance, loans, mortgages and cryptocurrencies. “
Google updated its Financial Products and Services Policy in July 2022 to clarify the scope and requirements for advertising related to cryptocurrency businesses, services and products. It sets rules for advertisers of exchange and wallet services targeting countries such as France, Germany, South Korea, the Philippines, United Arab Emirates, Hong Kong and Thailand.
Given that we meet certain regulatory requirements within these jurisdictions, advertisers can continue to promote their cryptocurrency-related products and services through Google’s advertising platform.
This change came months after Google I gave the go-ahead to crypto-related ads August 2021. Prohibits advertising related to crypto and initial coin offerings Dating back to June 2018.
The global and cryptocurrency markets continue to weather difficult times, the latter of which analytics firms like Glassnode Worst bear market in history.
Nevertheless, the decline in ad spend from the cryptocurrency sector does not reflect Google’s stance on the space.Google announced partnership In October, US cryptocurrency exchange Coinbase and bitcoin will be able to pay for cloud services (Bitcoin) and the ether (ethereum) 2023.