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From Alphabet's 2017 Q4 10-k SEC filing, Item 1A "Risk Factors":

> We generate substantially all of our revenues from advertising, and reduced spending by advertisers or a loss of partners could harm our advertising business.

> We generated over 86% of total revenues from advertising in 2017. Many of our advertisers, companies that distribute our products and services, digital publishers, and content partners can terminate their contracts with us at any time. Those partners may not continue to do business with us if we do not create more value (such as increased numbers of users or customers, new sales leads, increased brand awareness, or more effective monetization) than their available alternatives. If we do not provide superior value or deliver advertisements efficiently and competitively, we could see a decrease in revenue and other adverse impacts to our business. In addition, expenditures by advertisers tend to be cyclical, reflecting overall economic conditions and budgeting and buying patterns. Adverse macroeconomic conditions can also have a material negative impact on user activity and the demand for advertising and cause our advertisers to reduce the amounts they spend on advertising, which could adversely affect our revenues and advertising business.

> New and existing technologies could block ads online, which would harm our business.

> Technologies have been developed that enable users to block the display of ads altogether and some providers of online services have integrated technologies that could potentially impair the core functionality of third-party digital advertising. Most of our Google revenues are derived from fees paid to us in connection with the display of ads online. As a result, such technologies and tools could adversely affect our operating results.




Anyone who has even the faintest notion that Alphabet (as a profit-driven corporation) cares about the users of its applications should, after reading this, have all those notions dispelled.




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