According to Google, as of July 27, 2020:  In the video below, Martin Splitt (Developer Advocate, Google) and Eric Enge (General Manager of Digital, Perficient) discuss the most common SEO questions and myths around page speed.

In Summary:

  • Contrary to popular belief, page speed is not the most important ranking factor.
  • Content is still king over page speed - be careful not to sacrifice valuable content for enhanced speed.
  • Improved page speed won't have a direct impact on your website's search ranking or positioning.
  • The goal of better page speed is primarily to improve user engagement and conversions.
  • Lazy loading and caching is very important.
  • Pre-sizing your images is beneficial for optimizing load speeds.
  • The device and connection used to access your website is a variable that can impact page speed.
     

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