Schmidt: Google Being “More Careful” in Current Climate

NEW YORK, October 21: Eric
Schmidt, Google’s CEO, has said that the Internet search engine giant will make
fewer acquisitions and slow down on hiring new staffers as it copes with the
contraction in advertising budgets worldwide.

The company is being “more
careful” in the wake of the economic downturn, Schmidt told Bloomberg
Television. The company’s profit growth slowed to its lowest level this year as
firms cut back on their adspend.

“All of us are
vulnerable,'' he said. “It's a race between a contraction in advertising, which
would affect everybody, and a very positive shift from offline to online.”

—By Mansha Daswani