Google 10K

The Google 10K is here. Looks like AdSense revenues have held constant at 48% of total revenues for 3 months ended Dec 31 2004 (vs. 48% for 3 months ended Sept 31 2004). Google comments:

Although the growth in advertising revenues from our Google Network members’ web sites was nearly as great as that from our web sites from the three months ended September 30, 2004 compared to the three months ended December 31, 2004, we expect this growth to be slower than the growth in revenues from our web sites for the foreseeable future.

Oh yeah? That's what they said last time in their Nov 2004 10Q, but the AdSense revenue share remains constant.

Although we entered into a significant new AdSense for search agreement in October 2004, the growth in advertising revenues from our Google Network members' web sites is expected to be less than the growth in revenues from our web sites for the foreseeable future.

Google can try spinning this all they want but the fact remains: nearly half their revenue comes from a Ponzi scheme that people are increasingly becoming aware of. It will eventually burst, as all bubbles do. The only question is when.