> In 2016, Matt Cutts, Google's head of webspam at the time of the Panda update, commented that "with Panda, Google took a big enough revenue hit via some partners that Google actually needed to disclose Panda as a material impact on an earnings call. But I believe it was the right decision to launch Panda, both for the long-term trust of our users and for a better ecosystem for publishers."
https://en.wikipedia.org/wiki/Google_Panda
> In 2016, Matt Cutts, Google's head of webspam at the time of the Panda update, commented that "with Panda, Google took a big enough revenue hit via some partners that Google actually needed to disclose Panda as a material impact on an earnings call. But I believe it was the right decision to launch Panda, both for the long-term trust of our users and for a better ecosystem for publishers."
Disclosure I work at Google.