But to hear Mr. Schmidt tell it, the real challenge is one not yet on most investors' minds: how to preserve Google's franchise in Web advertising, the source of almost all its profits, when "search" is outmoded.

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Its housing guide is a good source of advertising revenue since housing management companies generally have regular cash flow.

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The recession has changed the thinking of Silicon Valley companies, shaking their faith in advertising as their only source of revenue.

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