Even then, if you assume Europe is somewhere between a 4th and a 3rd of their total revenue - which I'd expect it to be, given how the EU is a larger economy th

Even then, if you assume Europe is somewhere between a 4th and a 3rd of their total revenue - which I'd expect it to be, given how the EU is a larger economy than the US and Google is even more dominant in Europe than in the US, and irrespective of ad budgets being traditionally lower than in the US - it seems tiny.