Google boss reveals global plans
16 May 2005
Google head Eric Schmidt has announced plans to focus on developing overseas markets, where growth is outstripping the United States.
Speaking at Google's first annual general meeting, the company's CEO said: "We're just getting started."
Approximately 66 per cent of Google revenues are generated from US-based advertisers, with most of the firm's international revenues coming from Europe and Japan.
Google has the largest market share of any search engine in Europe and has recently been granted formal approval to start operations in China. The search giant has reported triple-digit growth for the past few years and the Mountain View-based company plans to continue its impressive record.
"All companies that go through our so far very strong growth will see some diminution of growth rate over time," Mr Schmidt added, but said it was unclear when a slowdown would take place.
The meeting, held at Google's headquarters, the 'Googleplex', attracted about 200 people. Investors who spoke at the microphone were reportedly in a generally good mood.
Larry Page, Google's co-founder, said that the company hoped to expand plans to digitise books in libraries and explained that the five libraries already in Google's print project had large collections of non-English books.
Google's nine-member board ran unopposed and was re-elected, independent auditor Ernest & Young was reappointed, and seven million shares were added to the employee stock plan, during the AGM.
Since its initial public offering last year, Google has seen shares jump by nearly 170 per cent to $228.72.
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