FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004
It's that time of the year again, and Googles annual report is released. The all-important chapter is, of course, the Financial Statements and Supplementary Data but you would also want to read at least these two...
- Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Notes to Consolidated Financial Statements
The interesting stuff usually resides in Management’s Discussion and Analysis of Financial Condition and Results of Operations, especially towards the end. There's a lot of reading to do here, here's one quote:
Index spammers could harm the integrity of our web search results, which could damage our reputation and cause our users to be dissatisfied with our products and services.
There is an ongoing and increasing effort by “index spammers” to develop ways to manipulate our web search results. For example, because our web search technology ranks a web page’s relevance based in part on the importance of the web sites that link to it, people have attempted to link a group of web sites together to manipulate web search results. We take this problem very seriously because providing relevant information to users is critical to our success. If our efforts to combat these and other types of index spamming are unsuccessful, our reputation for delivering relevant information could be diminished. This could result in a decline in user traffic, which would damage our business.
There's also this one; an appropriate statement from the company that brought us the first really efficient pop-up blocker for Internet Explorer:
New technologies could block our ads, which would harm our business.
Technologies may be developed that can block the display of our ads. Most of our revenues are derived from fees paid to us by advertisers in connection with the display of ads on web pages. As a result, ad-blocking technology could, in the future, adversely affect our operating results.
Enjoy the reading :-)