Google makes the majority of its profits from web search. The problem is that as search habits change, that entire market could become less valuable. Google could still dominate, but would just make less $, e.g. if search RPMs decline from $70 to $50 in the US, they are in real trouble.
There's a lot of downward pressure on display ads also. The move to programmatic platforms will cut CPMs in half or worse. Google is not immune from this Trend either.
There's a lot of downward pressure on display ads also. The move to programmatic platforms will cut CPMs in half or worse. Google is not immune from this Trend either.