Revenue Growth and Sustainability Google had experienced remarkable revenue growth in the past six years as evidenced by its financial statements. See Exhibits 9 and 10 for balance sheets, and income statements for 2004-2009, Google's management recognized that the firm's revenue growth rate may soon decrease due to stronger direct and indirect competition, the developing maturity of the on line advertising market, and the growing size of the firm. This could put pressure on operat- ing margins and profits in the future, thus lowering the free cash flow available to investors, Google's management recognized that future profit margins may be tightened further by lower profit margins on revenues received from Google Network members, Furthermore, since 97% of revenue came from advertising, any blockage of online advertising would have a negative effect on operating profits.