Google CEO Eric Schmidt said Tuesday that the online giant is well positioned to weather an economic downturn in the U.S. thanks to its broad range of advertisers. Google shares have been on a sharp decline in recent weeks amid concerns about a possible slowdown in Web ad growth momentum. "If there were (a U.S. recession), we'll be well positioned," Schmidt told reporters during a visit to Sydney. "We're not particularly dependent on any particular one market."
GameStop on Tuesday reported a 46% increase in its fiscal fourth-quarter profit as the video game retailer cited strong sales for titles like Activision's "Guitar Hero III." The Grapevine, Texas-based company's profit rose from $129.8 million a year ago to $189.8 million for the quarter ending Feb. 2. Revenue rose 24.4% year-over-year to $2.9 billion. GameStop projected revenue growth of 19%-21% for its recently started fiscal year. The company also said it plans to open 575-600 new stores worldwide during the year.