Does website speed impacts website rankings?

Website loading time directly connected to users, lack in the load time will results in poor conversion rates, higher bounce rate.

Google says that a website with good average page speed will get a minor boost in the search engine keyword rankings.

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That's what I thought about and spend some time on making sure the site load time is low and insights score is high. But a ton of websites that out ranking my website have terrible speed score yet they do better so I am not sure.

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