Google (NASDAQ: GOOG) is canning its ambitious web-based Print Ads program that allowed companies to purchase ads in more than 800 newspapers.In a post on its official blog, Google noted that "While we hoped that Print Ads would create a new revenue stream for newspapers and produce more relevant advertising for consumers, the product has not created the impact that we - or our partners - wanted. As a result, we will stop offering Print Ads on February 28."
So far, all the hype about a culture of innovation at Google hasn't exactly produced impressive results. You can blame that partly on the economy, but 97% of the company's revenue still comes from online advertising. With numbers like that, you have to wonder how much cash has been spent on exciting new projects that will never produce a return. The growth in online ad revenue has reversed this year and while it should rebound when the economy picks up, the days of ultra-rapid growth seem to be over for now.
It's hard to imagine that Google -- the growth darling of growth darlings -- is trading at around 18 times earnings. But if online advertising growth is on the downside and the company can't find other ways to make money, that might be the right price.
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Reader Comments (Page 1 of 1)
1-28-2009 @ 3:23AM
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