On his Twitter account, Google co-founder and CEO Larry Page announced he will no longer participate in the future earning calls of Google: “I wanted to let you know that going forward, I won’t be joining every earnings call,” he said after introducing Google’s third-quarter results recently.
Page is leaving Google’s future calls in the hands of CFO Patrick Pichette and Chief Business Officer Nikesh Arora. “I know you all would love to have me on, but you are also depending on me to ruthlessly prioritize my time for the benefit of the business.”
Page did not provide a concrete reason of him stepping back, but others assume it is due to a chronic condition that left his vocal cords paralyzed. His heath has been an issue among consumers and investors since he canceled his appearance at the Internet giant’s annual developer summit I/O in June 2012.
“Fast forward to last summer, when the same pattern repeated itself – a cold followed by a hoarse voice,” he wrote in a Google+ post last May. “Once again things didn’t fully improve, so I went in for a check-up and was told that my second vocal cord now had limited movement as well.”
Analysts say Page’s decision does not reflect any problem of him running the company. It’s just that he no longer wants to be the voice of the company. Steve Jobs had often skipped Apple calls due to health issues.
In a report, Google’s stock has soared for over 13% to top $1 000 a share for the first time due to a dramatic increase in paid clicks. Last year, both Google and Apple received a $700 range in their shares.
Google spent over $1.8 billion in three months until September 30, including its spending at Motorola Mobile. Page added that 99% of their spending goes to improving their existing products.
Motorola seemed to be a big loss for Google. The phone is reported to have suffered a $248 million loss in the quarter. Google also slashed the employees working for the phone hardware company – from 17 000 to only 5,000.