Friday, October 19, 2012

Google Inc (NASDAQ:GOOG)’s Larry Page addresses conference call after earnings release fiasco

Google Inc(NASDAQ:GOOG) Chief Executive Larry Page, quickly moved into damage control at the end of a terrible Thursday which saw the shares of the company plunge more than 10 percent after a draft copy of its earnings release was erroneously filed ahead of scheduled by its filing agent.

After the close of trading, Page addressed a conference call. According to reports he spoke in a `feeble voice'. Page is reportedly recovering from an undeclared illness that had affected his voice.

Page apologies for the goof-up in the earnings release and then spike in praise of the company’s mobile strategy and asserted that 'screen independence' was Google's strategic guiding concept.

Gross mobile revenues of Google were more than $8 billion, he said.

Page laid the blame of the unscheduled release of the earnings on R R Donnelley. The earnings release filed with the SEC showed figures that were much below Street expectations.

The CEO concentrated on talking about the growth of the company.

The consolidated revenue f the company had risen to $14 billion by its fourteenth year. "Not bad for a teenager," he said, according to a report by Forbes.

On the theme of screen independence, he said that it was a world of abundance and multiple devices. "Most of carry at least one device and feel naked without our smartphones."

This was the incredible opportunity that Google was targeting.

According to Page there were about half a billion Android devices in use around the world and the company was in a better position than ever to monetise mobile rather than desktop devices.

Android has overtaken Apple's iOS as the most popular operating system in the world, having adopted the strategy of giving its operating system free to handset makers.

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