Company's CEO apparently rules out for now any big mergers or other major changes in how it spends its cash.The search engine currently has $11.2 billion in cash and short-term investments.
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."
Google doesn't know what to do with its cash
Posted on Wednesday, Mar 07 2007 @ 02:11 CET by Thomas De Maesschalck