Depends if you invest and want your investment to grow
The growth doesn't need to be from Search. Even with the current level of search growth, Google's total revenue is up 25% year on year, operating income is up 30% year on year.
You are wrong. Search is already profitable. It doesn't need to become more profitable. The profits can simply be used to improve the profitability of other offerings like Google Cloud.
That’s not the way Wallstreet thinks. They insist on continuing growth, year over year. Accelerating growth, even.
If you don’t show growth every year, then your stock tanks because you can’t show them the profit that they would make through buying your stock today and then selling it next year.
At least, that’s the way they normally think.