The company controls as much as two-thirds of the market in search advertising, by some accounts.
But the dearth of local search advertising is likely to change soon, Internet advertising analysts said.
In search advertising, "supply" is a somewhat slippery concept.
Our main source of revenue is search advertising.
Plain old "internet banners" have dropped, but more targeted search advertising has actually grown.
This targeting ability has contributed to the attractiveness of search advertising for advertisers.
Now it is reporting the total revenue, the same accounting treatment used by Yahoo, the other large company that sells search advertising.
Google's gains in search advertising have come at the expense of Microsoft, in particular.
The company continues, however, to lose crucial market share in search advertising to Google.
And while Yahoo gives few specifics, it says Panama will some day play a role beyond search advertising.