Boston, MA 03/01/2013 (wallstreetpr) – Chief Financial Officer of Google Inc (NASDAQ:GOOG), Patrick Pichette said that the company wants to keep aside its cash for future investment opportunities. At the end of 2012, the world’s largest search-engine boasted of $48.1 billion in short-term investments and cash and Pichette said that the company wants to be able to “pounce” the minute a viable opportunity presents itself. A classic and very current example of this “on a dime” moving ability was its $12.5 billion in cash takeover of Motorola Mobility Holdings Inc(NYSE:MMI) in 2011.
Company answerable to investors
This discussion is particularly relevant in view of the fact that Apple Inc (NASDAQ:AAPL) has come under a lot of pressure from investors and shareholders who are demanding that the company give them more returns from the $137.1 billion that they hold in cash and investments. Pichette said that Google Inc (NASDAQ:GOOG) conducts regular reviews with the board over the use of its money and prioritizes the benefits of its shareholders and that the company does not follow a cash-holding culture. It is not of the view that they have to keep the cash for eternity. Google Inc (NASDAQ:GOOG) investors have benefited more than Apple Inc (NASDAQ:AAPL) investors have. Google moved forward by 31 percent from the past year while Apple dipped 15 percent in the same period.
Shares of Google Inc (NASDAQ:GOOG) went up by 0.18% to close at $801.20
Shares of Apple Inc (NASDAQ:AAPL) went down by 0.71% to close at $441.40
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