Google has just released its earnings statements for Larry Page’s first quarter as CEO, to positive results, namely that Google set a revenue record at $9.03 billion for the quarter ended June 30, 2011.
Page began the earnings call outlining the “substantially increased velocity” of his product-focused management team which has accomplished “a lot in 3 months” Page said. No kidding. He glowed over Google+’s encouraging numbers, with over one billion items shared a day, and over 10 million users.
Perhaps to reassure shareholders on the viability of these new products and token experiments like self-driving cars, Page mused on the value of innovation, “When we started doing search people thought we were crazy,” he said. Page then essentially separated Google products into three categories:
1) Search ads and ad products.
2) Products with high consumer success like YouTube, Android, and Chrome.
3) New products like Google+ and Google’s local and Offers efforts.
“We’re only at 1% of what is possible,” Page said. After asking rhetorically how these services will be monetized, Page explained that the toggling between the three is a precarious balance between short term and long term, with the eventual goal of creating services that people “use twice a day, like a toothbrush.”
“We’re careful stewards of shareholder money,” he said.
Article courtesy of TechCrunch