Google Inc., operator of the world's largest search engine, wants to keep money on hand in order to be able to invest quickly when needed, Chief Financial Officer Patrick Pichette said.
Google, which had $48.1 billion in cash and short-term investments at the end of 2012, wants to retain its "strategic ability to pounce," Pichette said at a Morgan Stanley conference. He cited the company's ability to move "on a dime" when it agreed to buy Motorola Mobility Holdings Inc. for about $12.5 billion in cash in 2011.
Pichette discussed the question of cash as Apple Inc. is under increasing investor scrutiny over its $137.1 billion in cash and investments, facing pressure to return more to shareholders. Google regularly reviews its use of money with the board to ensure it's being managed best for shareholders, Pichette said.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
