The Chief Business Officer of Google, Philipp Schindler admitted to witnessing reduced search spending during the third quarter of 2022 at Alphabet’s earnings call on September 25.
Schindler was quoted saying: “ in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories”.
CNBC reported that with an overall ad growth of 6%, this three month period was the weakest of all quarters for the company since 2013. The only exception to this was the beginning of the Covid-19 pandemic.
YouTube suffered a similar fate to Google as the platform’s revenue also shrank on an annual basis. Google’s CEO, Sundar Pichai believes that the challenging macro climate is having a huge negative impact on the ad business.
Some of the biggest and most well-known cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have lost almost 60% of their value in 2022. In addition to this, the crypto industry has recently been riddled with the bankruptcies of major companies like Celsius Network and Voyager Digital. Also, Blockchain.com and Crypto.com have been downsizing.
Another big crypto name that is struggling is Coinbase (NASDAQ:COIN). The company cut its workforce by 18% and its stock is down 70% this year.
Google announced a partnership with Coinbase in the third quarter of this year. It will now rely on Coinbase to allow customers to pay for its cloud services with crypto. Coinbase will also move data-related applications to Google’s cloud infrastructure.
All of these developments could indicate that Google is readying itself for the end of the crypto winter.
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Source: Cryptocurrency - investing.com
