The chief business officer of internet & tech giant Google dragged the “downfall of the Crypto sector” as one of the reasons for its downfall in ads business revenue.
Google is a popular company that has its hand in the internet world as a search engine. This internet giant company is also known for its mobile smartphones & related Android ecosystem software. Alphabet Inc. is Google’s parent company.
On 27 October, During Alphabet’s third-quarter earnings calls, Philipp Schindler, the Chief Business Officer of Google, said that the company faced a significant downfall in ads revenue because of the significant decrease in searches in particular categories.
“In the third quarter, we did see a pullback in spending by some advertisers in certain areas in search. For example, in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories,” said Schindler.
A report by CNBC noted that Google’s advertising business saw an overall increase of 6% in the last three months of the time frame and it was the worst performance by this company in this sector after 2013. Perhaps, the report neglected the performance of the company which plunged significantly during the COVID-19 pandemic, which was usual for almost every company in that situation.
It is worth noting that ad revenue on Google’s social video platform YouTube also plunged over the last year. Sunder Pichai, CEO of Google, said that the challenging economic downturn impacted the companies and further that thing impacted the business of YouTube.
A few years ago, Google was against the crypto sector, noting huge numbers of fake crypto investment advertisements. But since 2021, Google showed a significant inclination toward this innovative industry.
Recently Google Cloud tapped US based Nasdaq listed Coinbase exchange to accept crypto payments but only for the selected Google Cloud Web3 clients.