My take: Google needs to worry about long term strategic positioning more than managing earnings. I’m not saying that they’ve done a bad job with it; only saying that the shakiness of old monetization products should be secondary to maintaining relevance when tech platforms change.
Google’s core business, search advertising, is looking shakier than it has in years. The problem is the rise of mobile. Search advertising is the best way to make money on the web. But people aren’t using the web as much on their mobile phones as they did on their desktops. Last quarter, Google’s advertising business grew at its slowest rate in six years.