Crypto Ad Spending Slowdown Contributes to Google’s Soft Quarter

“While travel and retail were again the largest contributors to growth, Google did see a pullback in spend in the financial services vertical from insurance, loan, mortgage, and crypto advertisers,” Canaccord Genuity analyst Maria Ripps said in a note to clients. “Network and YouTube also faced difficult comps and FX headwinds, with management adding that the pull back in spend from brands due to broader macroeconomic uncertainty that started in Q2 increased during Q3,” she added.

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