Google continues to grow despite the crisis
Posted: Sun Jan 19, 2025 6:38 am
Google has left US analysts speechless. The search engine grew by 18% globally in the last quarter of 2008. However, all that glitters is not gold. An accounting charge and falling UK profits in dollar terms are frustrating its buoyant performance, Brand Republic reports .
Google's profits for the last quarter of the year were $5.7 billion, up 3% from the third quarter of 2008. Despite this figure, net profits fell by 68% to £382 million. The loss was caused by the bc data europe write-down of the search engine's investments in AOL and the internet provider Clearwire, which was valued at $1.09 billion.
Experts were optimistic about the company's performance in the turbulent economic situation, although the first quarter of 2009 is expected to be tougher. The search engine's own chief executive, Eric Schmidt, has said that the next few months will be "uncharted territory." Britain is still recovering from the blow to its finances.
Google recently announced plans to lay off 100 human resources employees and close several offices in an effort to mitigate the crisis in the United States, where profits fell by 12% during the last quarter of 2008. The 776 million dollars earned in the third quarter of the year fell to 685 million, which is even lower than the 692 million dollars earned in the fourth quarter of the previous year.
The search engine stressed that its non-US profits were adversely affected by exchange rates. If these had remained constant, the $2.86 billion achieved would have been increased by a further $334 million.
Google's profits for the last quarter of the year were $5.7 billion, up 3% from the third quarter of 2008. Despite this figure, net profits fell by 68% to £382 million. The loss was caused by the bc data europe write-down of the search engine's investments in AOL and the internet provider Clearwire, which was valued at $1.09 billion.
Experts were optimistic about the company's performance in the turbulent economic situation, although the first quarter of 2009 is expected to be tougher. The search engine's own chief executive, Eric Schmidt, has said that the next few months will be "uncharted territory." Britain is still recovering from the blow to its finances.
Google recently announced plans to lay off 100 human resources employees and close several offices in an effort to mitigate the crisis in the United States, where profits fell by 12% during the last quarter of 2008. The 776 million dollars earned in the third quarter of the year fell to 685 million, which is even lower than the 692 million dollars earned in the fourth quarter of the previous year.
The search engine stressed that its non-US profits were adversely affected by exchange rates. If these had remained constant, the $2.86 billion achieved would have been increased by a further $334 million.