Google has named co-founder Larry Page its new CEO from 4 April. Current CEO Eric Schmidt will assume the role of executive chairman. Meanwhile, co-founder Sergey Brin will devote his energy to strategic projects, in particular working on new products. The internet company reported strong fourth quarter results, driven by a rapidly growing digital economy, continuous product innovation benefitting both users and advertisers, and by the huge momentum of newer businesses, such as display and mobile. Schmidt said the results have given Google the confidence to invest heavily in future growth. Google reported Q4 revenues of USD 8.44 billion, up 26 percent from the year before. Traffic acquisition costs, which are shared with customers and included in revenues, totaled USD 2.07 billion, or 25 percent of advertising revenues. Google sites revenues rose 28 percent to USD 5.67 billion while Google network revenues lifted 22 percent to USD 2.50 billion. Revenues from outside the US reached 52 percent of the total or USD 4.38 billion. Operating profit rose to USD 2.98 billion from 2.48 billion the year before. Net profit was USD 2.54 billion or USD 7.81 per share, from 1.97 billion or 6.13 per share the year earlier. Google finished December with a total USD 35.0 billion in cash. The company's headcount rose to 24,400 from 23,331 three months earlier.
