Google Q1 2009 Earnings

Techcrunch has notes live from Google’s Q1 2009 earnings call.

Comments about Google’s most recent quarter from CEO Eric Schmidt:

“We’re still basically in uncharted territory” (with regards to the economy).
No company is recession proof, Google is feeling the impact.
Our advertising method is working
“We think Google is well placed for the recovery as it occurs or when it occurs and the shift continues to the Web, continues to give us a great advantage”
The shift online continues to give us an advantage
Advertisers lowering bids
Omid Kordenstani is stepping down. It’s impossible to explain the impact he’s had.
No one is better placed to advise us (Kordenstani will remain an advisor).

Additional comments from CFO Patrick Pinchette:

Google.com up due to traffic growth.
AdSense was down, impacted by clean-up of network partners.
Our advertisers slowed their spend
Lower-labor costs and we reset our company bonus plan
Traffic acquisition costs were roughly flat from Q4
“We’re still hiring” — but only in certain areas.
As previously announced, we’re eliminating 200 positions in sales and marketing, but those weren’t included in the Q1 numbers
Our revenues are seasonally weaker in Q2, so be prepared.

Thanks TechCrunch.

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