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Google CEO says worst of recession is behind us

Posted on Friday, October 16 2009 @ 21:25:50 CEST by

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.



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