Adsense does not guarantee constant earnings or a constant rise in earnings. It depends on many factors including the websites traffic sources, the Adwords advertisers, the competition for the keywords, your keywords, the ads the visitors click on, certain internal Google factors and a lot more. I used to view my stats several times a day and panicked whenever I saw a drop or a bad performance. It’s only natural that some days perform better than others and you have to live with it.
The only stable income that you can generate with your website is from direct advertisement where an advertiser pays you a certain amount per month independently from your traffic, updates and other factors. Back to Adsense. Below is a graph that displays Adsense earnings and traffic on one of my websites. The traffic has been divided by ten to make it fit on the same graph without increasing the size of the graph to much.

Blue is the traffic and red is the Adsense income. If you would draw a line you would see that the Adsense income is on the rise. But, there have been months, not days, where I have been experiencing large drops in Adsense revenue without making changes to my website.
I was not able to come up with an explanation for those drops other than that I was somehow internally devalued by Google Adsense. It could be that some advertisers decided to bid less on certain keywords but this would not explain the jump to the same level after that month where the earnings dropped.
Here is a tip that helps me these days. I really do not panic that much anymore because i know that I can’t change it at all. The only things that I could do would be to use different colors, placements for my Adsense unit(s) knowing that they perform worse than the placements that I currently use. Or, I could remove Adsense from my website and try other monetizing schemes knowing that they most likely will not be as successful either dropping my revenue even further.
I’m not saying that you should not experiment with different ad schemes and positions but there will be a time when you know what works and what does not work. I know that the Adsense placement on the website of the graph are perfect. Colors, placement is best for the website and changing the placement or color would have a reduction in clicks and revenue as the consequence.
What I do is I sit it out. I would probably react when Adsense earnings fall to a level where I know that I can make more money with other advertisers but as long as this is not the case I will keep all settings the same. Normally it takes between 20-30 days until the earnings normalize again.
It’s only natural that you will see ups and downs as well but if the curve is moving upwards everything is fine and you should not be worried to much about the progress.
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