From a financial perspective, Google is still a one-product company (search).
The amount of profit–profit, not revenue–contributed by Google’s non-search products like AdSense, Apps, YouTube, et al, is basically a rounding error.
But now, in the biggest and most important market on earth (responsible for almost half of Google’s revenue), Google’s share gains have flatlined.
A year ago, Google had 65% of the US search market. Last month, Google had 64.4% of the US search market, according to comScore. This after an amazing decade in which Google gained about a point of share per month.
So what does this mean for Google’s future growth? It means that Google just lost one of its three major growth engines. (More on that here →)
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