Reading The Fine Print: Google’s 10Q

Google continues to be blunt about its slowing revenue growth rate and a decrease in operating margin as the company ups expenses in R&D along with sales and marketing.
— International operations continue to increase in importance. More than half of Google’s user traffic comes from outside the U.S.; so far in 2005, revenue from international accounts for more than one-third of the total revenue (39 percent).

If you want a better understanding of Google, spend some time with the “risks” section of the 10Q; it almost reads like a reverse roadmap.