Google ( GOOG ) Guidance - CEO Eric Schmidt 9/18

As you know, Google ( GOOG ) doesn't give guidance but the CEO is out today saying they have not been effected by this credit crunch and the financial market turmoil.


Google Inc. (GOOG) Chief Executive Eric Schmidt said Wednesday he does not expect the ongoing financial crisis on Wall Street to affect the Internet search and advertising giant's business.

Schmidt said the company has a large amount of cash on hand. He acknowledged there could be some concern if the crisis hit Google's advertising customers, but said he was not aware of any issues at the moment. Google has long argued that its more accountable online text ads are increasingly attractive to advertisers seeking better returns during tough economic conditions.
"My guess is that the drama is in New York and not here," Schmidt said during a briefing with reporters at Google's Mountain View, Calif., headquarters. "It's business as usual at Google."
Schmidt also said Google still plans to implement its advertising pact with rival Yahoo Inc. (YHOO) on schedule despite growing signs the U.S. Department of Justice may try to block the agreement.