Google Ceo Schmidt Dons Chairman's Mantle

23 April 2007

MOUNTAIN VIEW, California: Google's Eric Schmidt last week added the chore of chairman to his present role as ceo. The move is designed to reassure Wall Street purists, some of whom had become decidedly twitchy at the presence of a vacant chair in the boardroom of a company ranked 241 in the Fortune 500.

The news of Schmidt's ascension coincided with the release of the web titan's quarterly numbers, signalling growth that not only outperforms its sector peers - but most of the 500 for that matter.

Net income for the quarter soared to $1 billion (€735.0m; £4998.3m), exceeding analysts' expectations by 11.1%. Revenues rose 65% to $2.53bn.

Schmidt also allayed investors' fears of a decline in growth, limited by the size of the ad market. "It's a huge business - we have lots of room to grow there," he soothed. "The global growth strategy of Google continues to work very, very well."

The success of that strategy is reflected in the company's largest overseas market - the UK - where revenues were $578 million or 16% of the total.

Data sourced from Financial Times; additional content by WARC staff