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Google posts first ever quarterly profit drop

by on23 January 2009

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Weathering the storm

 

On Thursday, search outfit Google reported its first ever quarterly profit slump, but the company is still performing better than analysts expected.

Still, the recession is taking its toll on Google, and the company was forced to write down $1.1 billion of its $1.5 billion investment in AOL and Clearwire. The company made $382 million in Q4 2008, a 68 percent drop year-on-year.

Although Google seems to be spared the worst of the recession, CEO Eric Schmidt claims Q4 was "the easy part", and says the upcoming months are "uncharted territory". He is optimistic, saying the company is prepared to get through the tough times ahead without much trouble.

More here.

Last modified on 23 January 2009
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