In the latest 10-Q statement, Google identifies 8 key risks to their business.

In summary (items of interest to the SEO/PPC community highlighted):

• We May Have Difficulty Scaling and Adapting Our Existing Architecture to Accommodate Increased Traffic
• We Rely on Bandwidth Providers, Data Centers or Other Third Parties for Key Aspects of the Process of Providing Products and Services to Our Users, and Any Failure or Interruption in the Services and Products Provided by These Third Parties Could Harm Our Ability to Operate Our Business and Damage Our Reputation
• New Technologies Could Block Our Ads, Which Would Harm Our Business
• Proprietary Document Formats May Limit the Effectiveness of Our Search Technology by Preventing Our Technology From Accessing the Content of Documents in Such Formats, Which Could Limit the Effectiveness of Our Products and Services
• Index Spammers Could Harm the Integrity of Our Web Search Results, Which Could Damage Our Reputation and Cause Our Users to be Dissatisfied with Our Products and Services
• Privacy Concerns Relating to Our Technology Could Damage Our Reputation and Deter Current and Potential Users from Using Our Products and Services
• More Individuals Are Using Non-PC Devices to Access the Internet, and Versions of Our Web Search Technology Developed for These Devices May Not be Widely Adopted by Users of These Devices
• If We Fail to Detect Click Fraud or Other Invalid Clicks, We Could Face Potential Litigation as Well as Lose the Confidence of our Advertisers, Which Would Cause our Business to Suffer

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