Google says it can weather economic storm
March 22, 2008The world’s leading search engine, Google announced on Tuesday that it was well positioned to weather any economic downturn as its advertisers were broad based.
Google CEO Eric Schmidt said that it was too early to say if there’s already been any specific impact. He also added saying that direct marketing had historically performed well in times of economic recession. Plus the company is not particularly dependent on any particular single market. There is not a lot of advertising for any one market over another. Additionally, there tends to be a flight in a global slowdown to higher-quality advertising and higher-quality advertising is determined by what sells.
Google earned $4.82bn (£2.4bn) in revenue in the fourth quarter making around 98 percent of its income from text ads. However, it was exploring new formats, such as advertising on YouTube videos. Today it has a $900m (£450m), three-year deal to sell advertising to News Corp’s MySpace customers under which it must pay MySpace whether or not it makes money selling ads on the site. Google’s shares which traded near $750 in November fell down by 4.1 percent to $419.87 on Monday.
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