Google Q4 Revenue Tops $8 Billion, Schmidt To Step Down As CEO
By: Mike Sachoff
Google's fourth quarter earnings surpassed analysts expectations giving the company its best profitability since 2006.
Google reported revenues of $8.44 billion in the fourth quarter of 2010, representing a 26 percent increase over fourth quarter 2009 revenues of $6.67 billion. The company had a profit of $2.54 billion, or $7.81 a share, a 29 percent increase over Q4 2009.
Google earned $8.75 a share, beating analysts expectations of $8.06 a share.
"Q4 marked a terrific end to a stellar year," said Eric Schmidt, CEO of Google.
"Our strong performance has been driven by a rapidly growing digital economy, continuous product innovation that benefits both users and advertisers, and by the extraordinary momentum of our newer businesses, such as display and mobile. These results give us the optimism and confidence to invest heavily in future growth -- investments that will benefit our users, Google and the wider web."
The big news from the earnings report was the announcement that Eric Schmidt will step down from his role of CEO and become Executive Chairman, focusing externally on deals, partnerships, customers and broader business relationships, government outreach and technology.
Starting on April 4, Larry Page, Google Co-Founder, will take charge of Google's day-to-day operations as Chief Executive Officer.
Commenting on these changes, Eric said: "We've been talking about how best to simplify our management structure and speed up decision making for a long time. By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company. In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come."
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
is an iEntry, Inc. ® publication
© All Rights Reserved.