Google CEO says worst of recession is behind us

Posted on Friday, Oct 16 2009 @ 21:25 CEST by Thomas De Maesschalck
Google presented its third-quarter earnings yesterday, the company saw its revenue increase by seven percent over the same period last year, while net income rose 27 percent, partly due to cost cutting. Google CEO Eric Schmidt said the worst of the recession is behind us, and that the company now feels confident about investing heavily in the future.
The company reported revenues of $5.94 billion for the quarter ended September 30, 2009. The US accounted for just under half of this.

The company has been tightening its belt over the last two quarters, cutting its headcount by about 500. As a result, profits for the quarter grew even faster than revenues, hitting $1,64 billion - up 27 percent on a year ago.
More info at TG Daily.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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