It turns out that investors, traders, and web3/blockchain-related companies aren't the only ones who have suffered from the current crypto winter.
According to recent reports, even giants like Google, Microsoft, and Meta have some of their sectors at the mercy of the crypto market's behavior.
In the case of Google, however, one of the sectors currently taking a beating from crypto-related influence is its advertising and marketing empire.
From details of Alphabet's third-quarter earnings call this Tuesday, Google's chief business officer, Philipp Schindler blamed a part of the relatively slow revenue growth on the reduced ad subscriptions by crypto-related companies and other third web companies.
According to Schindler, Alphabet saw a pullback in its loans, mortgage, insurance, and crypto subcategories.
Since 2013, Google's overall ad growth of 6% in the last quarter is one of the weakest it has had, second only to one that happened in one quarter at the beginning of the covid-19 pandemic.
As Google's CEO Sundar Pichai puts it, the video streaming platform, Youtube's ad revenue as well, has shrunk by 2% from a year earlier, and the challenging macro-climate is having an impact on Google's ad business.
The correlation between the stock market and the crypto market has been especially strong this year, with offerings like the Nasdaq taking a -30% hit since the 1st of January 2022.
The crypto market has also fallen by more than 50% this year alone.
Alphabet's stock, GOOGL, has also taken a massive hit, falling to $97.60 this week. And since the start of the year, it has also fallen by a staggering 33%.
However, Alphabet's stock isn't the only one that has taken a hit. Others like Microsoft and Meta (formerly Facebook) also took hits, with Microsoft's stock losing 8.1%. An underwhelming show of growth, especially after its promising forecast.
Microsoft's price per share fell to $233.87 this quarter, the weakest quarterly shares growth the tech giant has experienced in the last five years. The shares decline this quarter also adds up to a 30% decline in MSFT's price per share this year.
Meta's price per share, on the other hand, fell in the after-trading hours to $131.85 in a 5.6% decline. However, unlike Google's 33% and Microsoft's 30%, Meta has plunged by a staggering 60%+ since the beginning of 2022.
Over the last few days, the crypto market has experienced an uptick, with most of the market's participants gaining by double-digit percentages.
The global crypto market cap has also hit and is now trading above the $1 trillion mark. Bitcoin, the flagship cryptocurrency, has risen above the $20,000 mark and is trading at around $20,700 at the time of writing.
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