Google has largely failed to diversify. In contrast with Amazon, or Microsoft they only have two closely coupled revenue lines ( search and ads ). Overall this makes them vulnerable to a shift in the marketplace such as increased demand for privacy.
> only have two closely coupled revenue lines ( search and ads )
There is (practically) no "search" revenue that is not "ads" revenue. Ads is close to 90% of all Google's revenue. The remainder is not broken down in the earnings report, although I suspect it's largely their cloud computing business. Thus, Google's two revenue lines are really ads and cloud, with the latter much smaller than the former, and probably with a lower margin too.
They're apparently not interested in offering an ad service that just shows ads related to the topic of the site/article (or that have identified the types/topics of sites/articles they wish the ad to appear on), the way that e.g. magazine ads would be "targeted".
