The Rising Influence of Rising Affluence

[DewDiligence]

GOOG:

http://www.wsj.com/articles/googles-results-top-expectations-1437077741

The price of Google’s ads, measured in cost per click, fell 11% compared with a year earlier. That compares to a 7% year-over-year decline in the first quarter.

As previously noted (e.g. #msg-110386480), the relentless downward trend in revenue per click would seem to be a long-term problem for GOOG’s advertising business.