From that press release ...<p><pre><code>   Aggregate cost-per-click 	   (11)% 	 (1)%
   Cost-per-click on Google
   websites 	                   (16)% 	 (2)%
   Cost-per-click on 
   Google Network Members&#x27; websites   (4)% 	 1%
</code></pre>
That is the <i>search advertising</i> margin eroding. Google has been compensating for that in a number of ways, from putting more ads on their sites (more &quot;inventory&quot;) to re-writing rules (&quot;no mobile for third parties&quot;) to changing splits with non-Google sites. The underlying cancer though is that Advertisers are more and more likely to see Microsoft Bing, Facebook, and Yahoo! ads as &quot;equivalent&quot; to Google&#x27;s ads. And they split their spend, and they have been less and less impressed with the &quot;results&quot; of their advertising, so they pay less. All symptoms of a maturing market and one that has been going on for years. And as it continues it puts more and more pressure on Google to make up its margins in other ways. My guess is that 2016 is the first year they are going to have to cut staff across the board to keep their margins up.