Google: Schmidt To Step Down, Reports Solid Q4


Google announced their Q4 earnings today, but who cares?  The big news is that their CEO Eric Schmidt will step down and assume the role of Executive Chairman.  Schmidt will be replaced by Google co-founder Larry Page on April 4th.

Eric Schmidt posted reasons for the reorganization on Google’s official blog:
“Google has grown, managing the business has become more complicated. So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making—and over the holidays we decided now was the right moment to make some changes to the way we are structured.”

“As Executive Chairman, I will focus wherever I can add the greatest value: externally, on the deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google’s global reach; and internally as an advisor to Larry and Sergey.”

Oh yeah, Google’s Earnings:
Revenue minus TAC – 6.37 billion vs an expected 6.24
Non-GAAP EPS: $8.75 vs an expected $8.07
Non-GAAP operating income: $3.38 billion vs an expected $3.31 billion
Paid clicks increased 11% from the previous quarter.
Their Cap X was $2.56 billion, largely due to the purchase of it’s New York headquarters building.

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