Google Gives Staff 10 percent Raise

By Cindy Waxer November 10, 2010

Google is no Grinch. The Internet search giant is giving its 23,300 employees a 10 percent pay raise starting next year. The company is also shifting part of workers' annual bonuses into their regular paychecks, according to an internal memo sent Tuesday by Google CEO Eric Schmidt. Those bonuses won't count toward the 10 percent.

"This salary increase is global and across the board — everyone gets a raise, no matter their level, to recognize the contribution that each and every one of you makes to Google," Schmidt said in the e-mail, first reported by technology website Silicon Alley insider. Employees worldwide will also all receive a $1,000 holiday bonus at a cost of $23 million to Google.

Google’s generosity is a clear sign that the company is willing to spread the wealth around. In October, the company reported revenues of $5.94 billion for the quarter ending Sept. 30, 2009, an increase of 7 percent compared to the third quarter of 2008. In the third quarter of 2009, TAC totaled $1.56 billion, or 27 percent of advertising revenues.

"Google had a strong quarter -- we saw 7 percent year-over-year revenue growth despite the tough economic conditions," said Schmidt in a statement. "While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future."

Operating income in the third quarter of 2009 was $2.07 billion, or 35 percent of revenues. This figure compares to operating income of $1.65 billion, or 30 percent of revenues, in the third quarter of 2008. And the company’s net income surged to $1.64 billion, compared to $1.29 billion in the third quarter of 2008.

Google’s partner sites also fared well, generating revenues, through AdSense programs, of $1.80 billion, or 30 percent of total revenues, in the third quarter of 2009. This represents a 7 percent increase from third quarter 2008 network revenues of $1.68 billion.

Edited by Tammy Wolf

TechZone360 Contributing Editor

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