Google good news doesn’t end speculation.
ADOTAS — With Google reporting good news yesterday, the stock was up this morning, there is still questions if the company will lay off more people this year.
In the afternoon earnings call, CFO Patrick Pitchette suggested more cuts could come, “We really have a cost structure that is labor intensive and we have a lot of flexibility in our model. We’re going to manage our company responsibility in that sense.”
Googles repoted that its net revenue were $4.2 billion, its sites revenue was up 22% and it saw a paid click growth of 18%. The company said it hired only 99 employees, as compared to its hundreds in the last quarter of 2007. The company wrote down $726 million from its AOL holdings. It also announced an employee shares swap to try to keep them.
Henry Blodget is still not impressed. He points to three major issues: Google is still a one-product company, and the product is coming to the end of its adoption cycle; revenue growth is still decelerating rapidly, 2009 estimates are still too high.
Google is trying to squeeze pennies from everywhere, and considering the economic downturn, it seems to be doing right by its workers, though maybe shareholders would like a bit more belt tightening.
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