We can't know for sure, but I would never doubt the lengths corporations go to in order to appease stockholders.

So if publishers are not making money, Google must not as well.

It's a matter of volume. Google's 4Q 2014 earnings report states:

Network Revenues - Our partner sites generated revenues of $3.72 billion, or 20% of total revenues, in the fourth quarter of 2014. This represents a 6% increase over fourth quarter 2013 network revenues of $3.52 billion.

That doesn't necessarily mean that your AdSense revenues should have been expected to increase by 6 percent in 4Q 2014. It means that, overall, network revenues were up 6 percent. For all we know, the number of AdSense ads served across the partner network could have grown by 10 or 15 percent in the last quarter, with the average publisher earning less because of factors like programmatic ad buying, ad blindness, and too many sites chasing a finite number of ad views and clicks.

It's a fact that publishers are suffering these days...

Webmasters in any one forum are just a fraction of all AdSensers, you can't consider that a fact. You're trying to make it sound like the majority of publishers are hurting when that's more than likely not the case.

But why is Google stock value continues to remain solid and never seems to go down?

Investors (and hence the market) have never been all that rational.

In any market there will be adjustments, that is, some aspects will increase, others decrease, but if the overall net increases, then stockholders are happy, Wall Street is positive, and the next quarter is awaited.

That doesn't mean the small fellow won't get hurt from time to time.

If you hold Google stock then you're happy.

If you're trying to make a buck through Google, there's no guarantee that their success will equate to your success.

Exactly right, I hedge my adsense losses by trusting Google overall. I have 30 shares of GOOG.

I'm not suffering. My revenue is actually up (12% above last month, about 10% below December, which is usually my best month). Not all AdSense sites are suffering. The 2 issues that you have to watch out for are an explosion of foreign traffic from countries like China and India, as well as mobile traffic. You are pretty much screwed when everyone starts viewing your site from a mobile device. Eventually competition will increase ad revenue from traditionally low paying countries. Until then it's going to work to your disadvantage.

I would bet that Adsense is getting cannibalized by AdExchange and, to a lesser extent, DFP Adsense backfill, not to mention getting some of it's advertiser money redirected toward Taboola, Adblade and other content style ads instead. Adsense's monopoly on the ad market is long gone

Adsense's monopoly on the ad market is long gone

I hate to break this to you but in some markets Google not only has no competition, it has the monopoly with no one seemingly on the sidelines.

Advertisers do not go elsewhere when Google has, in Europe, an estimated 92.38% share (Oct 2014)!

[uk.businessinsider.com...]

Yay, I'm in the 1.62 and 2.67% groups.

It's a fact that publishers are suffering these days with the continuing plunge in AdSense revenue.

Can you post your official source for this?

@redbar I said Adsense, not Google. Google is still responsible for AdX, which is most likely taking a gigantic chunk of advertisers from the Adsense pool.

Google is still responsible for AdX

To be honest I haven't a clue what AdX is therefore as a guess I'll bet that most others do not as well however I have no way of verifying this either way.

The thing is that some industries seem to depend solely on massive advertising budgets whereas other industries have seemingly little necessity for it, mine is in the second category.