What does Google’s “Speed Update” mean for mobile?

Yesterday, Google announced a major upcoming change to its mobile ranking algorithm. In a short blog post entitled ‘Using page speed in mobile search ranking’, it explained that starting in July 2018, page speed will officially be a ranking factor for mobile searches. The catchily-named “Speed Update” (a feat of inventive naming on a par with “Assistant”) is set to only affect “pages that deliver the slowest experience to users” and, in Google’s words, will only impact a “small percentage of queries”.

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What does Google’s “Speed Update” mean for mobile?