Search engine giant Google unveiled it plans to weather the recession by letting its cash pile up, CEO Eric Schmidt said on Wednesday. Google doesn't expect a downfall in revenue, and says it will use its $8.6 billion of cash for "very very conservative investments".
Google will only use its $8.6 billion cash cushion for "very very conservative investments," Schmidt said, and is unlikely to start a dividend in the current environment.
"We've not really discussed a dividend payment," he said in an interview on the sidelines of the Wall Street Journal ECO:nomics conference in Santa Barbara, California. "At the moment our view is to let the cash pile up."
Earlier on Wednesday, Schmidt said the economic storm will affect all forms of advertising, including the online ads that Google depends on, but that Google was unlikely to see a drop in revenue.