Posted on Wednesday, March 07 2007 @ 2:11 CET by Thomas De Maesschalck
Google has a huge amount of cash but doesn't really know what to do with it, CNET reports:
Company's CEO apparently rules out for now any big mergers or other major changes in how it spends its cash.
Google is accumulating mounds of cash from operations, but Chief Executive Eric Schmidt appeared to rule out seeking big mergers or making other dramatic changes in how the company uses it.
Speaking to investors at the Morgan Stanley Technology Conference, Schmidt was asked by analyst Mary Meeker whether Google would consider changing course on how it uses cash.
"It is highly unlikely," Schmidt said. "One of the problems in high-tech industries is that successful companies tend to generate cash pretty liberally (but) they don't have good places to put it."
The search engine currently has $11.2 billion in cash and short-term investments.
