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Worst of the global recession is over: Google CEO Schmidt
By siliconindia
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Thursday, 24 September 2009, 15:31 IST
Pittsburgh: According to Google CEO Eric Schmidt, the worst of the global economic slowdown is over as there are improvements both inside and outside the U.S. The acquisitions have also "turned on again" at Google, as the company expects to do one small deal a month instead of hiring new staff.
"It is clear that the worst is behind us. What we see at Google is some level of improvement and what is more important is we see it not just in the United States but outside United States," said Schmidt, ahead of delivering a speech on green technology at the G20 summit in Pittsburgh, Pennsylvania.
Schmidt also informed that acquisition activity was returning to normal at Google. The company has maintained a steady pace of acquiring small and privately held companies but dealings went off when Schmidt conveyed earlier this year that the prices were too high for his liking.
"Acquisitions are turned on again at Google and we are doing our normal maneuvers, which is small companies. My estimate would be one in a month acquisition and these are largely in place of hiring. There may be larger acquisitions but they really are unpredictable," said Schmidt.