Google Holds Up to the Heat

Lamberti further notes that Google's overall click rate remains unchanged. What's different is the composition of clicks. Whereas a year ago, about 11% or 12% of all clicks were paid clicks, now they're more like 9% to 10%.

Martin Pyykkonen, an analyst for Global Crown Capital, says that investors would be wise to wait and see what happens this month and next in terms of Google's paid clicks before drawing any conclusions about the company's performance.

He adds that Google's stock may now be reaching its bottom, although he stopped short of offering a hard number, allowing for more downside if the economy worsens or if Google's paid clicks fall even further than in January.