Google to cut back on new projects

INTERNET SEARCH GIANT Google is pulling back spending on new projects according to The Wall Street Journal.

Google chief executive Eric Schmidt was quoted as saying that the company had to behave as if the worst was going to happen during the economic crisis.

The internet giant will curtail the "dark matter", Schmidt said. These are projects that "haven't really caught on" and "aren't really that exciting."

The good old days when Google gave an engineer 20 people to work with on certain experimental projects where long gone.

"When the cycle comes back… we will be able to fund brilliant visions," Schmidt said.

Trip Chowdhry, an analyst for Global Equities Research, said he expects Google to post revenue of $15.71 billion this year, $15.23 billion next year and $14.57 billion in 2010.µ

L'Inq
AP