Does Google Adsense CPM count each page a visitor views?

A better estimate would be each "ad" a visitor views that so happens to be CPM. There's:

• Page views and no impressions. If a visitor has adblock on, they won't see your ads=absolutely no income.
• Page views and CPC impressions. Visitor will see an ad that only pays you if they click on it. If they don't click on it=no income.
• Page views and CPM impressions=this is the only one counted towards your revenue.

Revenue per thousand impressions (RPM) :

Revenue per 1000 impressions (RPM) represents the estimated earnings you'd accrue for every 1000 impressions you receive. RPM doesn't represent how much you have actually earned; rather, it's calculated by dividing your estimated earnings by the number of page views, impressions, or queries you received, then multiplying by 1000.

Formula :

RPM=(Estimated earnings / Number of page views) * 1000

For example :

• If you earned an estimated $0.15 from 25 page views, then your page RPM would equal ($0.15 / 25) * 1000, or $6.00.
• If you earned an estimated $180 from 45,000 ad impressions, your ad RPM would equal ($180 / 45,000) * 1000, or $4.00.
• RPM is a commonly used number in advertising programs, and you may find it helpful for comparing revenue across different channels.

Does Google Adsense CPM count each page a visitor views? < Google Adsense Tips