The decline in digital ad spending hit Alphabet hard in Q3, which delivered its lowest-performing results in nearly a decade.

Revenue at the Google and YouTube parent company was $69 billion USD in Q3. While that represents year-over-year growth of 6% – 11% on a constant currency basis – it still missed analyst expectations by nearly $2 billion USD.

Net income was $13.9 billion USD, down 26.5% from the year prior.

While revenue from Google Search ads was up 4.3% in the quarter, revenue from YouTube ads dipped 1.9% and revenue from the Google Advertising Network fell 1.6%.

CEO Sundar Pichai said during a call with investors after markets closed on Tuesday that while some of the decline could be attributed to a comparison with a strong Q3 from the previous year, it was also due to the trend of advertisers pulling back spending on YouTube and Google Ad Network accelerating this quarter. Even in Search, the company noted a pullback from advertisers in certain categories, namely finance, insurance and crypto.

Pichai said that, even though advertisers tend to pull back spending in times of economic uncertainty, the company’s “insights, automation and easier-to-use advertising tools and formats” would remain valuable tools in helping them navigate their challenges. He added, for investors, that the company’s Search business is typically resilient during challenging periods, as it is highly measurable and has a more clear link to an advertiser’s ROI.

Also, the company is making efforts to educate advertisers on taking a “full funnel” approach to their advertising on YouTube to drive more long-term effectiveness.

The company also reiterated that it would be curbing its rate of hiring, though has not mentioned if that would include layoffs.

Outside of advertising, which remains the company’s biggest source of revenue, earnings were up slightly for other Google Services, Google Cloud and “Other Bets,” a small segment primarily composed of health technology and internet services.