As YouTube's ad revenue fell 2% to $7.07 billion, the world's largest company criticized it for its lack of cryptocurrency. Analysts predicted a 3% increase.

"We did see a few advertiser retreats in some of these areas in search ads," said Philipp Schindler, Google's Senior Vice President and Chief Business Officer, adding: "In financial services, insurance, loans, mortgages, and crypto subcategories. In addition, we noticed a reduction in spending by some marketers on YouTube and Networks, and these spending cuts grew in the third quarter."

Earnings per share were anticipated to be $1.25, but they were only $1.06. Revenue was expected to be $70.66 billion but ended up being $69.08 billion.

Their 6% growth rate is the slowest since 2013, with the bolstering dollar accounting for 5% of revenue growth. Their stock has dropped by 6.58% in after-hours trading, expressing concern about a general slowdown in technology while banks profit by $100 billion from interest rate hikes.

Schindler did not go into detail about the role of crypto in any of this, but he did indicate it twice.

"We did see a pullback in spending by some advertisers in certain regions and search ads in the third quarter," he said. "In financial services, for example, we saw a drawdown in the insurance, loan, mortgage, and cryptocurrency subcategories."

Last year, the cryptocurrency industry struck numerous multi-million dollar deals, including prime-time marketing during the Super Bowl.

This first mention of cryptocurrency during a Google earnings call suggests that the industry has grown large enough to warrant attention.

During more bullish times, there were many streamers on YouTube, with Google seeing cryptocurrency as a growth area, particularly for their cloud business.

They recently signed an agreement with a venture capital firm to invest in crypto startups and collaborate with Coinbase to offer crypto payments.

What do you think about Google's statement that crypto is to blame for their missed earnings? Let us kow your thoughts by sharing this article online.

Posted 
Oct 26, 2022
 in 
Crypto News
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