Google CEO reports a lower search spending in the third quarter of 2022

Google earning in crypto

During Alphabet’s earnings call on September 25, Google’s Chief Business Officer, Philipp Schindler, admitted to seeing reduced search spending during the third quarter of 2022.

“In financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories,” Schindler was quoted as saying.

According to CNBC, this three-month period was the company’s weakest of all quarters since 2013, with overall ad growth of 6%. The only exception was the start of the COVID-19 pandemic.

YouTube suffered a similar fate to Google, as its revenue fell on an annual basis. Sundar Pichai, CEO of Google, believes that the challenging macroeconomic environment is having a significant negative impact on the ad business.

Some of the most popular and well-known cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have lost nearly 60% of their value by 2022.

Furthermore, the crypto industry has recently been plagued by the bankruptcies of major companies such as Celsius Network and Voyager Digital.

Coinbase is another well-known cryptocurrency that is struggling. The company reduced its workforce by 18%, and its stock price has dropped by 70% this year.

In the third quarter of this year, Google announced a partnership with Coinbase. It will now rely on Coinbase to accept cryptocurrency payments for its cloud services. Coinbase’s data-related applications will also be moved to Google’s cloud infrastructure.


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