Google Admits Crypto Winter Is Hurting Ad Business
The digital asset market downturn that started the current crypto winter is negatively affecting search spending, Google has acknowledged. Ad growth in the third quarter fell to a low seen only once in almost a decade, the tech company revealed this week. With Fewer Crypto Ads, Google Registers 6% Ad Revenue Growth in Last Quarter Online advertising giant Google has partially blamed a slowdown in revenue growth on decreasing ad spending by financial firms, including those working with crypto assets. During parent company Alphabet’s earnings call on Tuesday, Google’s Chief Business Officer Philipp Schindler admitted to witnessing reduced search spending during the third-quarter and elaborated: For example in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories . In a report quoting the executive, CNBC noted that the with an overall ad growth of 6%, the three-month period was Google’s weakest among all quarters since ...