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Google Owners Give Up Overall Control After Impressive Q4

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It's all go at Google in recent days as not only has it announced hugely impressive financial results, but also a change in the company's power base.

Giving us all something of a shock, founders Larry Page and Sergey Brin have announced they will dump five million shares each in order to bring their voting power beneath the 50 per cent mark. This means they will drop from a 59 per cent to 48 per cent holding (and 15 per cent of all outstanding shares), but cannot control all Google policy between them.

The logic comes as part of a wider five year diversification page and also shows that Google has grown to such a size - and this year, breadth of service offerings - that the two uber-wealthy owners have realised they need to share responsibilities.

The news comes on the back of yet another massively impressive quarter after Google posted its Q4 financial results. Year on year revenues rose 17 per cent to $6.67bn while operating income totalled $2.48bn. 66 per cent of revenues came from Google-owned sites ($4.42bn). Meanwhile cash reserves hit a massive $24.5bn, so it's safe to say it has felt the global recession much in the same way a planet recoils from a tap dancer...

Links:
Google Founders Share Dump via Business Insider
Q4 Results

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