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by viscanti 5358 days ago
Fair enough, that's a valid question. I arrived at my assertion by looking at the financials. http://investor.google.com/financial/2005/tables.html

Google make the vast majority of their money through ads (no surprise). Adwords didn't take off until they acquired Applied Semantics (for semantic processing) and Sprinks (contextual aware ads). It may have existed pre-acquisitions, but it didn't look anything like the current version, and wasn't anywhere near as profitable.