AdWords dates back to 2000-2001. At the time they IPOed in 2004 they had 90%+ of revenue coming from advertising. They didn't adopt cookie based tracking (Doubl

AdWords dates back to 2000-2001. At the time they IPOed in 2004 they had 90%+ of revenue coming from advertising. They didn't adopt cookie based tracking (DoubleClick) until the 2007-2008 recession: https://en.wikipedia.org/wiki/Draft:Effects_of_the_2007-2008_financial_crisis_on_Google https://en.wikipedia.org/wiki/Draft:Effects_of_the_2007-2008...