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I thought that I'd look up these figures and see if I could find out how this has changed over the months.
To my surprise, I have found forum entries (on this forum) from way back in November 2002 which quote this exact figure.
Has it really not changed? Or have Google just not updated it, and if not why not? Why have the information there if it is not correct? I see that they quote to the single page and not an estimate like on serps...
Part of it could also be whilst a search for "the" gives more results, part of it could just be the urls, but not the pages as their content would not really be indexed due to robot indexing exclusion.
Such as a search for: allinanchor: "subscribe to the" would show.
also: [webmasterworld.com...]
their was another recent post on this subject stating that Google generally updates that number every half year or so, which could be checked with the wayback archive.
perhaps "As of 12th Oct 2002: 3,083,324,652 web pages".
This would surely be worse? Currently, the average user won't know or care how many more than three billion are indexed, but by stating its as of 12th of october, it makes the data look hideously out of date; and as both webmasters and google know, fresh content is what people want.