After an Excellent Quarter, Google Announces Pay Raises, Nice Holiday Bonus
When Google announced the financial results for its Q3, the quarter that ended on the 30th of September, CEO Eric Schmidt said the Mountain View-based search engine giant had “an excellent quarter”. Schmidt also said Google will remain “committed to aggressive investment in both our people and our products”.
As part of this commitment to its people (and to keep people from moving to other companies), Google has decided to give all of its 23,000 employees a raise. The salary increase will take effect on the 1st of January, 2011; everyone will get a raise of at least 10%. That’s to say a 10% salary increase is guaranteed for every employee; some employees will get more than 10% though.
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That’s not all the employees will get. Come the end of the year they will get a cool $1,000 holiday bonus. Google will pay all the taxes that need to be paid for the holiday bonus and the employees will get to keep the whole grand.
“We want to make sure that you feel rewarded for your hard work. We want to continue to attract the best people to Google,” said Eric Schmidt in an e-mail to employees.
If you are wondering how much the salary increase and the holiday bonus will cost Google, its is estimated that Google will pay about $1 billion. That’s only a fraction of Google’s Q3 financial results. Here are the exact figures related to Google’s Q3 financial results to put things in perspective:
Total Revenues for Q3, which ended on September 30 – $6.82 billion (a 24% increase compared to last year).
Google Sites Revenues – $4.83 billion (which represents 67% of total revenues; a 22% increase compared to last year).
International Revenues – $3.77 billion (which represents 52% of total revenues generated in Q3 2010).
Google Network Revenues – $2.20 billion (which represents 30% of total revenues; a 22% increase compared to last year).
In Q2 2010 Google reported total revenues of $6.82 billion while in Q1 the company reported total revenues of $6.77 billion.
When Google announced the 