[vgeek]

Growth in Asian/South American countries with less advertisers and lower CPCs.

There may also be disproportionate growth in branded CPCs, which have a significantly lower CPC (but higher CPM due to high CTRs) than commodity terms.

[Scoundreller]

Ya, dunno if they just calculated an effective CPC, or excluded non-CPC traffic in the numbers.

But again, from a shareholder point of view, nobody cares how any proportion changes as long as profit goes up, unless it’s at the expense of future revenue or at increased cost.