Google Reports Excellent Financial Results for its Q4, Announces New CEO
Article by George Norman
On 24 Jan 2011
After Apple announced its financial results for the past quarter, it is time for Google to do the same. For its fiscal Q4 that ended on the 31st of December 2010, Google reported total revenues of $8.44 billion, 26% more than it did in the same quarter last year. To better put things in perspective, here are the financial results the Mountain View-based company made public (the ones I found to be most interesting):

Total Revenues for Q4, which ended on December 31st – $8.44 billion (a 26% increase compared to last year).
Google Sites Revenues$5.67 billion (which represents 67% of total revenues; a 28% increase compared to last year).
Google Network Revenues$2.5 billion (which represents 30% of total revenues; a 22% increase compared to last year).
International Revenues$4.38 billion (which represents 52% of total revenues generated in Q4).

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“Q4 marked a terrific end to a stellar year. 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,” said Eric Schmidt, who is currently Google’s CEO, but will not remain in this position for long.

Alongside the financial results for its Q4, Google announced that Google Co-Founder Larry Page will take over as CEO starting from April 4th. As CEO Larry Page will run Google’s day-to-day operations. Google’s other founder, Sergey Brin, will focus on strategic projects, in particular working on new products.

Eric Schmidt will assume the role of Executive Chairman. As part of this position, externally Schmidt will focus on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership; internally Schmidt will act as an advisor to Larry Page and Sergey Brin.

“We've been talking about how best to simplify our management structure and speed up decision making for a long time,” said Eric Schmidt. “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.”

“Eric has clearly done an outstanding job leading Google for the last decade,” said Larry Page. “The results speak for themselves. There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly. Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity--we are only at the beginning and I can't wait to get started.”



Tags: Google, Financial Results, Eric Schmidt, Larry Page, Sergey Brin
About the author: George Norman
George is a news editor.
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