Google’s parent company, Alphabet, suffered a decline in ad revenue in the third quarter as a result of the bear market.
The decline in the crypto market, which started towards the middle of the year, affects not only investors and financial companies, but all related areas. The number of customers of banks, the profits of mining companies and the separation of senior executives that started in crypto exchanges can be given as the problems brought about by the crypto decline. On the other hand, there are cases where giant companies such as Google are indirectly affected.
Ad Revenues Drop in Google’s Bear Market
Philipp Schindler, Chief Operating Officer of Google, said that financial services companies, including crypto, to which he specifically cites, cut their ad spend in the third quarter.
Google reported that some advertisers experienced a decline in their spending in certain areas. Prominent areas included the insurance, loan, mortgage and crypto subcategories. The 6% overall ad growth announced in the third quarter is the lowest growth the company has announced since 2013.
The cryptocurrency market was battered in 2022 as investors shun risky assets and sell related stocks. Google thinks that crypto sales represent only a short-term decline, as it sees clear opportunities for growth in the future.
It should be noted that earlier this month, Google partnered with Coinbase to allow customers to pay for cloud services with cryptocurrencies in 2023.
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