Between May 13, 10:00 AM UTC and May 21, 02:03 PM UTC, some advertisers may have encountered a “No targeted products” delivery status due to an internal issue affecting product offers in EMEA markets.
This led to a decline in impressions, clicks, and spend for Shopping, Performance Max, and MSAN campaigns.
The engineering team confirmed the issue and identified its root cause by May 21, 2:45 PM UTC. They have resolved the matter, and all affected offers are expected to go live by May 22.
Read the official announcement published by Microsoft.