Google Inc has confessed that it had tried to team up with Facebook, as the search giant wanted to adapt to shifting technology landscape and strives to maintain its growth. Google had generated roughly $29 billion in gross revenue last year but its core advertising business, is under threat from rapidly growing upstarts such as Facebook.
Google?s Executive Chairman Eric Schmidt said that social networking site Facebook had rebuffed its entreaties to do a deal, and acknowledged that he had not pushed hard enough to address the rising threat from Facebook. “Three years ago I wrote memos talking about this general problem. I knew that I had to do something and I failed to do it,” he added.
In a 90 minute onstage interview, Schmidt looked dismissive of the software giant Microsoft, which isn?t driving the consumer revolution. He also discussed the increasingly competitive landscape as well as the growing privacy and regulatory scrutiny it was facing.