Google’s Chief Business Officer Philipp Schindler has blamed crypto companies for pulling back the Google's search spending in the Q3.
The search engine's revenue affected due to reduced ad spending by the Cypto companies and other financial firms, Schindler said.
Google parent Alphabet has recorded 6% dip to its revenue growth
During the quarter, Google had partnered with crypto company Coinbase , whose stock price is down 70% this year.
Google’s overall ad growth was reported 6% in the quarter. It was the weakest quarter since 2013, other than one quarter during Covid first wave.
Google CEO Sundar Pichai had earlier said challenging macro climate is having an impact on Google’s ad business.
The crypto industry has been battered in 2022, as investors have fled risky assets and sold out of digital coins and the related stocks that they bid up the prior couple years, Schindler said.
There’s hope that the crypto sell-off represents just a short-term blip, as the Google sees clear opportunities for growth in the future.