Google has diversified a bit, even if most revenue still comes from ads. About half their revenue comes from search, and the rest mostly from YouTube (10%), cloud (10%) and Android (25%, incl. a major chunk from the Google Play store).

Their search revenue is potentially at risk from people using LLMs instead, but no reason they can't integrate ads into Gemini, even if they haven't figured it out yet. Lots of opportunity for AI: selling API access, Gemini subscriptions, product licencing (Apple apparently interested, Android potential too), etc.

Definitely a mismanaged company though.