Bill Gross, the entrepreneur who pioneered the pay-per-click model back in 1998, was aware of the problem even then.

比尔·高斯，作为在1998年首创按点击率付费模式的企业家，在那时就已经意识到这个问题了。

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A few months ago Mr Gross pioneered an alternative to the pay-per-click model.

几个月前高斯先生开拓了按点击率付费的另一种模式。

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If you had gross profit margins of 85 per cent, would you be eager to change your business model that radically?

如果你的毛利润率为85%，你会急于从根本上改变你的商业模式吗？

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The operators have a certain gross margin model.

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But the firm's architecture also offers a clue to the vulnerability of Mr Gross's model.

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But he points out that his model assumes a gross margin of 15%, above the Street consensus at 10%.

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