Google did $8.44 billion in revenue–a jump of 26%. Net income was up 18% to $2.2 billion. Google ended the quarter with with $33.4 billion in cash and 23,300 employees.
Oh, and Eric Schmidt is no longer the CEO.
No kidding! Google’s CEO for the past 10 years is stepping down from that role. In a blog post Schmidt states…
…we have also agreed to clarify our individual roles so there’s clear responsibility and accountability at the top of the company.
Larry will now lead product development and technology strategy, his greatest strengths, and starting from April 4 he will take charge of our day-to-day operations as Google’s Chief Executive Officer. In this new role I know he will merge Google’s technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.
Schmidt will take on the role of 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.
A role that sounds a lot like the role he played over the past 10 years–being the grown-up face of the company, while Brin and Page play with algorithms.
Honestly, this news is too fresh to make a fair analysis of what went down. Was Schmidt pushed? Has Page & Brin figured out that Google is, arguably, losing its cool? Does this open the door for Schmidt to jump back on the Apple board?
So many questions, so few answers. What do you think’s going on?