Google Chief Executive Officer Eric Schmidt said he can’t predict when the online advertising market will clean up.
“Global advertising spend seems to exist declining,” Schmidt said Friday. “No person really knows what this short-term period ahead of us looks like.”
The credit crisis may cost the online-ad industry $6.7 billion in lost sales through 2010, curbing growth next year to less than 20 percent for the first time ago 2002, according to Sandeep Aggarwal, a San Francisco-based algebraist by Collins Stewart.
Google, the greatest in number popular Internet search engine, relies on ads for almost all of its revenue.
“We are clearly in a (economic) downturn,” Schmidt said. “The situation is a great quantity more solemn than I had thought.”
Separately, Schmidt said he wouldn’familiarily be surprised if Microsoft sought to derail talks between Google and Verizon Wireless, which is looking for a omission examine engine for its mobile phones.
“Microsoft has tried to do this before,” he said.
Microsoft is seeking a bigger piece of the online-advertising place of traffic. Earlier this year, Yahoo rejected a takeover offer from Microsoft, that said Thursday that it has “moved on.”
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