if you're looking for context on Alphabet/Google finally disclosing revenues for YouTube, something I wrote 2yrs ago about how their org structure allowed them to dance thru SEC loophole. Analysts are kissing & hugging G for doing something years too late. digitalcontentnext.org/blog/2018/03/0…
for the record, Sundar Pichai's answer regarding headwinds from changes to data regulations was terrible. One of his primary competitors lost 10% of its value over this and forecasted most impact ahead.
IMHO Google, by failing to address headwinds from data protection laws, is basically saying no one is making us change, we're not afraid of antitrust investigations by FTC, House Judiciary, Department of Justice, 48 state AGs, CMA, EU....
Meanwhile, Google is sending press and analysts chasing the bouncing ball with its YouTube disclosure. I wouldn't overlook the message from Facebook CFO, Google's clear risks in its 10K around data protection laws and how they're intersecting with antitrust. Gonna be messy.
Reminder: GOOGle has been steadily shifting its revenue mix towards its own properties for years. Traffic and content is cheapest on its own properties and it can mine our data from everywhere else (across our browsing history, devices and lives) to optimize those ads shifting w= 
a different look at it.
