14 DAY TRIAL // Dominating the world's online advertising market, Google is making a truckload of money, and has done so even in the battered economy of last year. And it's making a lot more than it can spend, even with all its experimental products and acquisitions. What's more, analysts believe that Google is now on track to making even more in the first quarter than it was anticipated. So, what's Google to do with its huge cash reserves? Well, it's now hiring bond traders for an, as of yet undisclosed, project.
According to listings on its jobs site, Google is looking for several experienced people in the financial market to work at its Mountain View, California headquarters. Roles include a foreign government bonds trader, a couple of portfolio analysts for Google's U.S. government bond portfolio and for agency mortgage-backed securities. Apparently, Google is looking to hire experts in the field so it can start putting to good use the billions of dollars in cash it's got laying around.
It may be a sign of bigger things to come, a Google hedge fund is being speculated as it was one of Sergey Brin's earlier ideas. Whatever the case, it may be a while until we get to know what Google is up to, as it is usually pretty tight-lipped about its actual business. One thing is for sure, more money are coming.
Citi analyst Mark Mahaney says Google should be bringing in a bit more than what the current expectations are. He believes the search company will get $5.07 billion in net revenue in the first quarter of 2010, which is coming to a close in about a week, compared to the expected $4.92 billion. He also estimates $6.71 in non-GAAP earnings per share compared to $6.55. The analyst lists several reasons for the raised expectations like the fact that search-engine marketers are increasing their spending and the optimistic search-revenue estimates.