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http://www.sec.gov/Archives/edgar/data/ … 9/d10q.htm

Super intéressant !

Extrait :

Risks Related to Our Business and Industry



We face significant competition from Microsoft and Yahoo.



We face formidable competition in every aspect of our business, and particularly from other companies that seek to connect people with information on the web and provide them with relevant advertising. Currently, we consider our primary competitors to be Microsoft Corporation and Yahoo! Inc. Microsoft recently introduced a new search engine and has announced plans to develop features that make web search a more integrated part of its Windows operating system. We expect that Microsoft will increasingly use its financial and engineering resources to compete with us. Both Microsoft and Yahoo have more employees than we do (in Microsoft’s case, currently nearly 14 times as many). Microsoft also has significantly more cash resources than we do. Both of these companies also have longer operating histories and more established relationships with customers. They can use their experience and resources against us in a variety of competitive ways, including by making acquisitions, investing more aggressively in research and development and competing more aggressively for advertisers and web sites. Microsoft and Yahoo also may have a greater ability to attract and retain users than we do because they operate Internet portals with a broad range of content products and services. If Microsoft or Yahoo are successful in providing similar or better web search results compared to ours or leverage their platforms to make their web search services easier to access than ours, we could experience a significant decline in user traffic. Any such decline in traffic could negatively affect our revenues.



We face competition from other Internet companies, including web search providers, Internet advertising companies and destination web sites that may also bundle their services with Internet access.



In addition to Microsoft and Yahoo, we face competition from other web search providers, including companies that are not yet known to us. We compete with Internet advertising companies, particularly in the areas of pay-for-performance and keyword-targeted Internet advertising. Also, we may compete with companies that sell products and services online because these companies, like us, are trying to attract users to their web sites to search for information about products and services.



We also compete with destination web sites that seek to increase their search-related traffic. These destination web sites may include those operated by Internet access providers, such as cable and DSL service providers. Because our users need to access our services through Internet access providers, they have direct relationships with these providers. If an access provider or a computer or computing device manufacturer offers online services that compete with ours, the user may find it more convenient to use the services of the access provider or manufacturer. In addition, the access provider or manufacturer may make it hard to access our services by not listing them in the access provider’s or manufacturer’s own menu of offerings. Also, because the access provider gathers information from the user in connection with the establishment of a billing relationship, the access provider may be more effective than we are in tailoring services and advertisements to the specific tastes of the user.

ou encore  :

Our operating results may fluctuate, which makes our results difficult to predict and could cause our results to fall short of expectations.



Our operating results may fluctuate as a result of a number of factors, many of which are outside of our control. For these reasons, comparing our operating results on a period-to-period basis may not be meaningful, and you should not rely on our past results as an indication of our future performance. Our quarterly and annual expenses as a percentage of our revenues may be significantly different from our historical or projected rates. Our operating results in future quarters may fall below expectations. Any of these events could cause our stock price to fall. Each of the risk factors listed in this “Factors That Could Affect Future Results” section, and the following factors, may affect our operating results:


      •           Our ability to continue to attract users to our web sites.


      •           Our ability to monetize (or generate revenue from) traffic on our web sites and our Google Network members’ web sites.


      •           Our ability to attract advertisers to our AdWords program.


      •           Our ability to attract web sites to our AdSense program.


      •           The mix in our revenues between those generated on our web sites and those generated through our Google Network.


      •           The amount and timing of operating costs and capital expenditures related to the maintenance and expansion of our businesses, operations and infrastructure.


      •           Our focus on long term goals over short term results.


      •           The results of our investments in risky projects.


      •           Payments made in connection with the resolution of litigation matters.


      •           General economic conditions and those economic conditions specific to the Internet and Internet advertising.


      •           Our ability to keep our web sites operational at a reasonable cost and without service interruptions.

      •           Our ability to forecast revenue from agreements under which we guarantee minimum payments.


      •           Geopolitical events such as war, threat of war or terrorist actions.

et pleins d'autres infos sur la vision de Google sur ses produits actuels et futur et de leur marché !