Search Makes the Earnings Call Highlights Reel
Historically, companies avoided directly naming Google in investor communications, even when traffic dropped or algorithms changed. But with the rise of zero-click searches decimating organic traffic, AI Overviews and generative search, the gloves are off. Thanks to a comprehensive roundup by Glen Allsopp at Detailed.com, we now have 56 quotes from 43 public companies openly discussing search disruption in earnings reports and SEC filings. These range from Content, Saas, Services, and Ecommerce companies.
When analyzed, these statements fall into two clear clusters: cautionary positioning and strategic adaptation. Glen segmented the sentiment of their statements into three groups.
Cluster 1: Cautionary Positioning in the Face of AI Search
These companies acknowledge traffic declines and platform changes—but offer limited signals of adaptation. The tone is reactive, and the strategy is either vague or missing entirely.
Examples:
- VerticalScope: Reported a 16% traffic drop in March 2025 and noted a shift toward Google’s own platforms like YouTube and AI Overviews.
- Chegg: Blamed AI Overviews and student use of generative tools like ChatGPT for disintermediating their content.
- Gfinity: Called Google “an unreliable partner,” citing stagnant traffic and inconsistent session counts.
- Wag! Group: Reported increasing SEM costs and declining SEO visibility as AIO pushes organic results further down the page.
- News Corp, Taboola, Articore (Redbubble): Noted “industry headwinds” or “continued SEO decline” without specific mitigation plans.
Common traits:
- Framing search shifts as external shocks
- Use of passive or vague language
- Absence of a clear investment or change strategy
These statements mirror the same dynamic I highlighted nearly ten years ago, which I referred to as Google Warning Statements when I was contacted by the board of a company to help them understand the true cost of not ranking.
“We treat traffic drops like weather patterns—unfortunate, unpredictable, and not our fault—instead of as signals of failed adaptation.”
Cluster 2: Strategic Adaptation and Forward Momentum
These companies acknowledge disruption—but respond with investment, re-engineering, and new partnerships. They view AI discovery not as a threat, but as a new competitive arena.
Examples:
- TechTarget: Embracing “AI engine optimization” and applying SEO knowledge to emerging channels like ChatGPT, Gemini, and Claude.
- CarMax: Explicitly calls out Generative Engine Optimization (GEO) and is building targeted campaigns around it.
- MONY Group: Investing in visibility within AI Overviews and LLM-driven results.
- Tripadvisor, Booking Holdings, Expedia: Actively partnering with OpenAI, Perplexity, and Microsoft to ensure discovery in non-Google environments.
- Yext: Embraces fragmentation and sees it as more search, not less—tracking visibility across a broader ecosystem.
- Intuit: Redesigning tax-prep user journeys to better capture “near me” searches surfaced by AI assistants.
- Groupon: While acknowledging traffic decline, noted significantly higher conversion rates from AI-assisted visits.
- Gannett: Diversifying beyond Google by leaning into automation and increasing social and referral distribution.
Common traits:
- Clear understanding of AI discovery trends
- Reallocation of resources toward visibility and partnerships
- Strategic product or content restructuring
These companies aren’t waiting for traffic to return—they’re building for what comes next.
Middle Ground: Monitoring, Not Retreating
A few companies strike a measured tone in the middle, acknowledging change while slowly adapting.
- Nerdwallet: Reports some decline in informational traffic but emphasizes stability in commercial performance.
- Ziff Davis: Sees softness in specific channels but downplays overall impact.
They’re not standing still—but they’re also not charging forward. This “wait-and-shape” posture may work short-term, but AI discovery is accelerating fast.
Spotlight: Dotdash Meredith and the “Google Zero” Strategy
If you’re looking for a real example of a company facing reality and choosing to evolve, look no further than Dotdash Meredith, part of IAC. They were not in Glen’s list as they posted their earnings on August 4th, 2025, after his article was published.
On their Q2 2025 earnings call, CEO Neil Vogel gave one of the most precise articulations yet of what it means to proactively restructure your business around the future of search:
“We have a term we use internally called Google Zero. What happens if Google goes to zero? What happens if Google no longer sends us traffic? Well, I think we’re going to be very healthy.”
Dotdash Meredith isn’t guessing. They’ve been actively diversifying their traffic and revenue streams for years—investing in:
- A powerful email audience
- Monetizable first-party data
- Off-platform engagement channels
- A robust contextual ad network (Decipher) that works across the open web
They’ve even held early meetings with OpenAI’s Sam Altman to understand how ChatGPT might impact their visibility and content model.
“We saw Google sending less and less traffic to publishers… and we knew we had to live in a world where Google might not be the driver of our growth.”
This is exactly the kind of forward-looking, ecosystem-aware mindset that separates Cluster 2 from the pack. They’re not just acknowledging disruption—they’re engineering resilience in the face of it.
And if you’re still wondering whether this strategy is yielding results:
“We grew sessions again this quarter… and that is a business that is going to be the underpinning of our growth going forward.”
Lesson: Don’t just optimize for Google. Design your business to survive without it.
What This Means for You
Search is no longer a stable, monolithic channel. AI Overviews, multimodal assistants, and fragmented platforms are reshaping how users find and trust information.
You can’t control Google.
You can’t stop AI Overviews.
But you can choose how you respond.
Ask yourself:
- Do we know how much of our content is being used by AI engines?
- Have we structured our content and metadata for machine readability?
- Are we visible across emerging LLMs and discovery platforms?
- Who owns our Generative Search and AI optimization roadmap?
Final Thought: Hesitation Has a Cost
If your earnings statement were due tomorrow, what would it say?
Would you frame declining traffic as an algorithmic misfortune—or showcase how you’ve restructured for the new search reality?
Because in this AI-driven landscape, caution may feel safe—but it won’t make you visible.
