More than 90% of Google's revenue comes from ads. However, that means Google is facing the same pressures dogging most online ad-based companies -- consumers' move to mobile devices is eating away at profits of more lucrative offerings, such as desktop search.
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On Wednesday shareholders endorsed the course set by the Internet titan, rejecting proposals to dilute its power structure and scrutinize investments in renewable energy. Voting at the California-based company's annual shareholders meeting ended with the recommended slate of board members elected and passage of a company proposal to increase the potential number of C Class shares issued.
Investor proposals opposed by the board and shot down by shareholders included re-configuring share voting power to break the grip on control held by Google co-founders Larry Page and Sergey Brin and Chairman Eric Schmidt.
In another area where Google is trying to make more money -- driverless cars -- Brin said its cars had been involved in 12 "minor" accidents over the last six years. Last month the company put that figure at 11 but Brin said one car had been rear-ended in the past week. The company said none of the incidents were the fault of the Google cars and there were no injuries.
Analysts remain bullish on Google stock with an average rating of outperform and an 18-month price target of $643.54. The stock, curently at $554.60, is up 122% over the past five years.