There are often conspiracy theories about Google reducing the amounts/percentage they pay Adsense publishers.

This blogger has done what I've been meaning to do for a while. He's put together a graph of publisher share extracted from Google's public declarations to the US stock exchange.

Have a look.

Does Google drop publisher share to meet earnings expectations so their stock doesn't lose value? Or is the amount of fluctuations so small it could just be natural fluctuation and could go up as well as down?