MOUNTAIN VIEW, Calif. – July 14, 2011 – Google Inc. (NASDAQ: GOOG) today announced
financial results for the quarter ended June 30, 2011.

“We had a great quarter, with revenue up 32% year on year for a record breaking over $9
billion of revenue,” said Larry Page, CEO of Google. “I’m super excited about the
amazing response to Google+ which lets you share just like in real life.”

Q2 Financial Summary

Google reported revenues of $9.03 billion for the quarter ended June 30, 2011, an
increase of 32% compared to the second quarter of 2010. Google reports its revenues,
consistent with GAAP, on a gross basis without deducting traffic acquisition costs
(TAC). In the second quarter of 2011, TAC totaled $2.11 billion, or 24% of advertising
revenues.

Google reports operating income, operating margin, net income, and earnings per share
(EPS) on a GAAP and non-GAAP basis. The non-GAAP measures, as well as free cash flow,
an alternative non-GAAP measure of liquidity, are described below and are reconciled to
the corresponding GAAP measures in the accompanying financial tables.

  • GAAP operating income in the second quarter of 2011 was $2.88 billion, or 32% of
    revenues. This compares to GAAP operating income of $2.37 billion, or 35% of revenues,
    in the second quarter of 2010. Non-GAAP operating income in the second quarter of 2011
    was $3.32 billion, or 37% of revenues. This compares to non-GAAP operating income of
    $2.67 billion, or 39% of revenues, in the second quarter of 2010.
  • GAAP net income in the second quarter of 2011 was $2.51 billion, compared to $1.84
    billion in the second quarter of 2010. Non-GAAP net income in the second quarter of
    2011 was $2.85 billion, compared to $2.08 billion in the second quarter of 2010.
  • GAAP EPS in the second quarter of 2011 was $7.68 on 326 million diluted shares
    outstanding, compared to $5.71 in the second quarter of 2010 on 322 million diluted
    shares outstanding. Non-GAAP EPS in the second quarter of 2011 was $8.74, compared to
    $6.45 in the second quarter of 2010.
  • Non-GAAP operating income and non-GAAP operating margin exclude the expenses
    related to stock-based compensation (SBC). Non-GAAP net income and non-GAAP EPS exclude
    the expenses related to SBC and the related tax benefits. In the second quarter of
    2011, the charge related to SBC was $435 million, compared to $309 million in the
    second quarter of 2010. The tax benefit related to SBC was $91 million in the second
    quarter of 2011 and $70 million in the second quarter of 2010.

Q2 Financial Highlights

Revenues – Google reported revenues of $9.03 billion in the second
quarter of 2011, representing a 32% increase over second quarter 2010 revenues of $6.82
billion. Google reports its revenues, consistent with GAAP, on a gross basis without
deducting TAC.

Google Sites Revenues – Google-owned sites generated revenues of $6.23
billion, or 69% of total revenues, in the second quarter of 2011. This represents a 39%
increase over second quarter 2010 revenues of $4.50 billion.

Google Network Revenues – Google’s partner sites generated revenues,
through AdSense programs, of $2.48 billion, or 28% of total revenues, in the second
quarter of 2011. This represents a 20% increase from second quarter 2010 network
revenues of $2.06 billion.

International Revenues – Revenues from outside of the United States
totaled $4.87 billion, representing 54% of total revenues in the second quarter of
2011, compared to 53% in the first quarter of 2011 and 52% in the second quarter of
2010. Excluding gains related to our foreign exchange risk management program, had
foreign exchange rates remained constant from the first quarter of 2011 through the
second quarter of 2011, our revenues in the second quarter of 2011 would have been $167
million lower. Excluding gains related to our foreign exchange risk management program,
had foreign exchange rates remained constant from the second quarter of 2010 through
the second quarter of 2011, our revenues in the second quarter of 2011 would have been
$417 million lower.

  • Revenues from the United Kingdom totaled $976 million, representing 11% of revenues
    in the second quarter of 2011, compared to 11% in the second quarter of 2010.
  • In the second quarter of 2011, we recognized a benefit of $4 million to revenues
    through our foreign exchange risk management program, compared to $79 million in the
    second quarter of 2010.

A reconciliation of our non-GAAP international revenues excluding the impact of foreign
exchange and hedging to GAAP international revenues is included in the accompanying
financial tables.

Paid Clicks – Aggregate paid clicks, which include clicks related to
ads served on Google sites and the sites of our AdSense partners, increased
approximately 18% over the second quarter of 2010 and decreased approximately 2% over
the first quarter of 2011.

Cost-Per-Click – Average cost-per-click, which includes clicks related
to ads served on Google sites and the sites of our AdSense partners, increased
approximately 12% over the second quarter of 2010 and increased approximately 6% over
the first quarter of 2011.

TAC – Traffic Acquisition Costs, the portion of revenues shared with
Google’s partners, increased to $2.11 billion in the second quarter of 2011, compared
to TAC of $1.73 billion in the second quarter of 2010. TAC as a percentage of
advertising revenues was 24% in the second quarter of 2011, compared to 26% in the
second quarter of 2010.

The majority of TAC is related to amounts ultimately paid to our AdSense partners,
which totaled $1.75 billion in the second quarter of 2011. TAC also includes amounts
ultimately paid to certain distribution partners and others who direct traffic to our
website, which totaled $355 million in the second quarter of 2011.

Other Cost of Revenues – Other cost of revenues, which is comprised
primarily of data center operational expenses, amortization of intangible assets,
content acquisition costs as well as credit card processing charges, increased to $1.06
billion, or 12% of revenues, in the second quarter of 2011, compared to $735 million,
or 11% of revenues, in the second quarter of 2010.

Operating Expenses – Operating expenses, other than cost of revenues,
were $2.97 billion in the second quarter of 2011, or 33% of revenues, compared to $1.99
billion in the second quarter of 2010, or 29% of revenues.

SBC – In the second quarter of 2011, the total charge related to SBC
was $435 million, compared to $309 million in the second quarter of 2010.

We currently estimate SBC charges for grants to employees prior to July 1, 2011 to be
approximately $1.9 billion for 2011. This estimate does not include expenses to be
recognized related to employee stock awards that are granted after June 30, 2011 or
non-employee stock awards that have been or may be granted.

Operating Income – GAAP operating income in the second quarter of 2011
was $2.88 billion, or 32% of revenues. This compares to GAAP operating income of $2.37
billion, or 35% of revenues, in the second quarter of 2010. Non-GAAP operating income
in the second quarter of 2011 was $3.32 billion, or 37% of revenues. This compares to
non-GAAP operating income of $2.67 billion, or 39% of revenues, in the second quarter
of 2010.

Interest and Other Income, Net – Interest and other income, net
increased to $204 million in the second quarter of 2011, compared to $69 million in the
second quarter of 2010.

Income Taxes – Our effective tax rate was 19% for the second quarter
of 2011.

Net Income – GAAP net income in the second quarter of 2011 was $2.51
billion, compared to $1.84 billion in the second quarter of 2010. Non-GAAP net income
was $2.85 billion in the second quarter of 2011, compared to $2.08 billion in the
second quarter of 2010. GAAP EPS in the second quarter of 2011 was $7.68 on 326 million
diluted shares outstanding, compared to $5.71 in the second quarter of 2010 on 322
million diluted shares outstanding. Non-GAAP EPS in the second quarter of 2011 was
$8.74, compared to $6.45 in the second quarter of 2010.

Cash Flow and Capital Expenditures – Net cash provided by operating
activities in the second quarter of 2011 totaled $3.52 billion, compared to $2.09
billion in the second quarter of 2010. In the second quarter of 2011, capital
expenditures were $917 million, the majority of which was related to land and building
purchases, and IT infrastructure investments, including data centers, servers, and
networking equipment. Free cash flow, an alternative non-GAAP measure of liquidity, is
defined as net cash provided by operating activities less capital expenditures. In the
second quarter of 2011, free cash flow was $2.60 billion.

We expect to continue to make significant capital expenditures.

A reconciliation of free cash flow to net cash provided by operating activities, the
GAAP measure of liquidity, is included in the accompanying financial tables.

Cash – As of June 30, 2011, cash, cash equivalents, and marketable
securities were $39.1 billion.

Headcount – On a worldwide basis, Google employed 28,768 full-time
employees as of June 30, 2011, up from 26,316 full-time employees as of March 31, 2011.
Net headcount growth (excluding approximately 450 employees hired as part of the
acquisition of ITA Software) was similar to the first quarter of 2011.

WEBCAST AND CONFERENCE CALL INFORMATION

A live audio webcast of Google’s second quarter 2011 earnings release call will be
available at http://investor.google.com/webcast.html.
The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial
tables, as well as other supplemental information including the reconciliations of
certain non-GAAP measures to their nearest comparable GAAP measures, are also available
on that site.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and
uncertainties. These statements include statements regarding our plans to invest in our
products and other new opportunities, our expected stock-based compensation charges,
and our plans to make significant capital expenditures. Actual results may differ
materially from the results predicted, and reported results should not be considered as
an indication of future performance. The potential risks and uncertainties that could
cause actual results to differ from the results predicted include, among others,
unforeseen changes in our hiring patterns and our need to expend capital to accommodate
the growth of the business, as well as those risks and uncertainties included under the
captions “Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our Annual Report on Form 10-K for the year
ended December 31, 2010, which is on file with the SEC and is available on our investor
relations website at investor.google.com and on the SEC website at www.sec.gov.
Additional information will also be set forth in our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2011. All information provided in this release and in the
attachments is as of July 14, 2011, and Google undertakes no duty to update this
information unless required by law.

ABOUT NON-GAAP FINANCIAL MEASURES

To supplement our consolidated financial statements, which statements are prepared and
presented in accordance with GAAP, we use the following non-GAAP financial measures:
non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP
EPS, free cash flow, and non-GAAP international revenues. The presentation of this
financial information is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and presented in accordance
with GAAP. For more information on these non-GAAP financial measures, please see the
tables captioned “Reconciliations of non-GAAP results of operations measures to the
nearest comparable GAAP measures,” “Reconciliation from net cash provided by operating
activities to free cash flow,” and “Reconciliation from GAAP international revenues to
non-GAAP international revenues” included in the accompanying financial tables.

We use these non-GAAP financial measures for financial and operational decision making
and as a means to evaluate period-to-period comparisons. Our management believes that
these non-GAAP financial measures provide meaningful supplemental information regarding
our performance and liquidity by excluding certain expenses and expenditures that may
not be indicative of our “recurring core business operating results,” meaning our
operating performance excluding not only non-cash charges, such as stock-based
compensation, but also discrete cash charges that are infrequent in nature. We believe
that both management and investors benefit from referring to these non-GAAP financial
measures in assessing our performance and when planning, forecasting, and analyzing
future periods. These non-GAAP financial measures also facilitate management’s internal
comparisons to our historical performance and liquidity as well as comparisons to our
competitors’ operating results. We believe these non-GAAP financial measures are useful
to investors both because (1) they allow for greater transparency with respect to key
metrics used by management in its financial and operational decision making and (2)
they are used by our institutional investors and the analyst community to help them
analyze the health of our business.

Non-GAAP operating income and operating margin. We define non-GAAP operating
income as operating income plus stock-based compensation. Non-GAAP operating margin is
defined as non-GAAP operating income divided by revenues. Google considers these
non-GAAP financial measures to be useful metrics for management and investors because
they exclude the effect of stock-based compensation so that Google’s management and
investors can compare Google’s recurring core business operating results over multiple
periods. Because of varying available valuation methodologies, subjective assumptions
and the variety of award types that companies can use under FASB ASC Topic 718,
Google’s management believes that providing a non-GAAP financial measure that excludes
stock-based compensation allows investors to make meaningful comparisons between
Google’s recurring core business operating results and those of other companies, as
well as providing Google’s management with an important tool for financial and
operational decision making and for evaluating Google’s own recurring core business
operating results over different periods of time. There are a number of limitations
related to the use of non-GAAP operating income versus operating income calculated in
accordance with GAAP. First, non-GAAP operating income excludes some costs, namely,
stock-based compensation, that are recurring. Stock-based compensation has been and
will continue to be for the foreseeable future a significant recurring expense in
Google’s business. Second, stock-based compensation is an important part of our
employees’ compensation and impacts their performance. Third, the components of the
costs that we exclude in our calculation of non-GAAP operating income may differ from
the components that our peer companies exclude when they report their results of
operations. Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from non-GAAP operating income and
evaluating non-GAAP operating income together with operating income calculated in
accordance with GAAP.

Non-GAAP net income and EPS. We define non-GAAP net income as net income plus
stock-based compensation less the related tax effects. We define non-GAAP EPS as
non-GAAP net income divided by the weighted average outstanding shares, on a
fully-diluted basis. We consider these non-GAAP financial measures to be useful metrics
for management and investors for the same reasons that Google uses non-GAAP operating
income and non-GAAP operating margin. However, in order to provide a complete picture
of our recurring core business operating results, we exclude from non-GAAP net income
and non-GAAP EPS the tax effects associated with stock-based compensation. Without
excluding these tax effects, investors would only see the gross effect that excluding
these expenses had on our operating results. The same limitations described above
regarding Google’s use of non-GAAP operating income and non-GAAP operating margin apply
to our use of non-GAAP net income and non-GAAP EPS. Management compensates for these
limitations by providing specific information regarding the GAAP amounts excluded from
non-GAAP net income and non-GAAP EPS and evaluating non-GAAP net income and non-GAAP
EPS together with net income and EPS calculated in accordance with GAAP.

Free cash flow. We define free cash flow as net cash provided by operating
activities minus capital expenditures. We consider free cash flow to be a liquidity
measure that provides useful information to management and investors about the amount
of cash generated by the business that, after the acquisition of property and
equipment, including information technology infrastructure and land and buildings, can
be used for strategic opportunities, including investing in our business, making
strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow
also facilitates management’s comparisons of our operating results to competitors’
operating results. A limitation of using free cash flow versus the GAAP measure of net
cash provided by operating activities as a means for evaluating Google is that free
cash flow does not represent the total increase or decrease in the cash balance from
operations for the period because it excludes cash used for capital expenditures during
the period. Our management compensates for this limitation by providing information
about our capital expenditures on the face of the statement of cash flows and under the
caption “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Google
has computed free cash flow using the same consistent method from quarter to quarter
and year to year.

Non-GAAP International Revenues. We define non-GAAP international revenues as
international revenues excluding the impact of foreign exchange and hedging. Non-GAAP
international revenues are calculated by translating current quarter revenues using
prior quarter and prior year exchange rates, as well as excluding any hedging gains
realized in the current quarter. We consider non-GAAP international revenues as a
useful metric as it facilitates management’s internal comparison to our historical
performance.

The accompanying tables have more details on the GAAP financial measures that are most
directly comparable to non-GAAP financial measures and the related reconciliations
between these financial measures.

Contact:

Willa Lo

Investor Relations

+1-650-214-3381

wlo@google.com

Google Inc.

CONSOLIDATED BALANCE SHEETS

(In millions)

As of

December 31,

2010*

As of

June 30,
2011

(unaudited)
Assets
Current assets:
Cash and cash equivalents $13,630 $10,320
Marketable securities 21,345 28,798
Accounts receivable, net of allowance 4,252 4,476
Receivable under reverse repurchase agreements 750 1,020
Deferred income taxes, net 259 153
Income taxes receivable, net 347
Prepaid revenue share, expenses and other assets 1,326 1,328
Total current assets 41,562 46,442
Prepaid revenue share, expenses and other assets, non-current 442 465
Deferred income taxes, net, non-current 265
Non-marketable equity securities 523 893
Property and equipment, net 7,759 9,003
Intangible assets, net 1,044 1,381
Goodwill 6,256 6,677
Total assets $57,851 $64,861
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $483 $567
Short-term debt 3,465 1,217
Accrued compensation and benefits 1,410 1,180
Accrued expenses and other current liabilities 961 1,493
Accrued revenue share 885 916
Securities lending payable 2,361 1,936
Deferred revenue 394 489
Income taxes payable, net 37
Total current liabilities 9,996 7,798
Long-term debt 2,985
Deferred revenue, non-current 35 28
Income taxes payable, non-current 1,200 1,469
Deferred income taxes, net, non-current 129
Other long-term liabilities 379 461
Stockholders’ equity:
Common stock and additional paid-in capital 18,235 19,216
Accumulated other comprehensive income 138 603
Retained earnings 27,868 32,172
Total stockholders’ equity 46,241 51,991
Total liabilities and stockholders’ equity $57,851 $64,861

* Derived from audited financial statements.

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Google Inc.

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except share amounts which are reflected in thousands and per share
amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2010 2011 2010 2011
(unaudited)
Revenues $6,820 $9,026 $13,595 $17,602
Costs and expenses:  
Cost of revenues (including stock-based compensation expense of $8, $51, $14, $100) 2,467 3,172 4,919 6,107
Research and development (including stock-based compensation expense of $202, $247,
$393, $484)
898 1,234 1,716 2,456
Sales and marketing (including stock-based compensation expense of $56, $74, $110,
$152)
629 1,091 1,236 2,117
General and administrative (including stock-based compensation expense of $43, $63,
$83, $130)
461 648 871 1,244
Charge related to potential resolution of Department of Justice investigation 500
Total costs and expenses 4,455 6,145 8,742 12,424
Income from operations 2,365 2,881 4,853 5,178
Interest and other income, net 69 204 87 300
Income before income taxes 2,434 3,085 4,940 5,478
Provision for income taxes 594 580 1,145 1,174
Net income $1,840 $2,505 $3,795 $4,304
Net income per share – basic $5.78 $7.77 $11.93 $13.37
Net income per share – diluted $5.71 $7.68 $11.77 $13.19
Shares used in per share calculation – basic 318,350 322,228 318,123 321,878
Shares used in per share calculation – diluted 322,486 326,036 322,547 326,209

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Google Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

June 30,

Six Months Ended
June 30,
2010 2011 2010 2011
(unaudited)
Operating activities
Net income $1,840 $2,505 $3,795 $4,304
Adjustments:  
Depreciation and amortization of property and equipment 266 347 530 648
Amortization of intangible and other assets 76 108 143 208
Stock-based compensation expense 309 435 600 866
Excess tax benefits from stock-based award activities (19) (9) (31) (33)
Deferred income taxes 9 175 (4) 464
Other 19 2 55
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (243) (205) (197) (24)
Income taxes, net (545) (171) (164) (98)
Prepaid revenue share, expenses and other assets (34) (70) (191) (148)
Accounts payable 79 50 199 77
Accrued expenses and other liabilities 319 260 (75) 297
Accrued revenue share 11 39 34 6
Deferred revenue 17 36 28 69
Net cash provided by operating activities 2,085 3,519 4,669 6,691
Investing activities    
Purchases of property and equipment (476) (917) (715) (1,807)
Purchases of marketable securities (12,934) (13,364) (25,421) (20,955)
Maturities and sales of marketable securities 11,135 8,982 20,630 13,627
Investments in non-marketable equity securities (227) (212) (230) (343)
Cash collateral received (returned) related to securities lending 2,870 57 2,870 (424)
Investments in reverse repurchase agreements (445) (270)
Acquisitions, net of cash acquired, and purchases of intangible and other assets (229) (715) (419) (863)
Net cash provided by (used in) investing activities 139 (6,614) (3,285) (11,035)
Financing activities
Net proceeds (payments) related to stock-based award activities 39 (28) 1 88
Excess tax benefits from stock-based award activities 19 9 31 33
Repurchase of common stock in connection with acquisitions (704) (801)
Proceeds from issuance of debt, net of costs 5,846 8,030
Repayments of debt (4,869) (7,304)
Net cash provided by (used in) financing activities (646) 958 (769) 847
Effect of exchange rate changes on cash and cash equivalents (57) 42 (100) 187
Net increase (decrease) in cash and cash equivalents 1,521 (2,095) 515 (3,310)
Cash and cash equivalents at beginning of period 9,192 12,415 10,198 13,630
Cash and cash equivalents at end of period $10,713 $10,320 $10,713 $10,320

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Reconciliations of non-GAAP results of operations measures to the nearest comparable
GAAP measures

The following table presents certain non-GAAP results before certain material items (in
millions, except share amounts which are reflected in thousands and per share amounts,
unaudited):

Three Months Ended June 30, 2010 Three Months Ended June 30, 2011
  GAAP Actual Operating

Margin (a)

Adjustments Non-GAAP

Results

Non-GAAP

Operating

Margin (b)

GAAP Actual Operating

Margin (a)

Adjustments Non-GAAP

Results

Non-GAAP

Operating
Margin (b)

$309 (c) $435 (d)
         
Income from operations $2,365 34.7% $309 $2,674 39.2% $2,881 31.9% $435 $3,316 36.7%
  $309 (c)   $435 (d)  
(70) (e) (91) (e)  
Net income $1,840 $239 $2,079 $2,505 $344 $2,849
Net income per share – diluted $5.71   $6.45   $7.68   $8.74  
Shares used in per share calculation – diluted 322,486 322,486 326,036   326,036
(a) Operating margin is defined as income from operations divided by revenues.
(b) Non-GAAP operating margin is defined as non-GAAP income from operations divided
by revenues.
(c) To eliminate $309 million of stock-based compensation expense recorded in the
second quarter of 2010.
(d) To eliminate $435 million of stock-based compensation expense recorded in the
second quarter of 2011.
(e) To eliminate income tax effects related to expenses noted in (c) and (d).

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Reconciliation from net cash provided by operating activities to free cash flow (in
millions, unaudited):

Three Months Ended

June 30, 2011

Net cash provided by operating activities $3,519
Less purchases of property and equipment (917)
Free cash flow $2,602
Net cash used in investing activities* $(6,614)
Net cash provided by financing activities $958

* Includes purchases of property and equipment.

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Reconciliation from GAAP international revenues to non-GAAP international revenues (in
millions, unaudited):

Three Months Ended

June 30,
2011

Three Months Ended

June 30,

2011

(using Q2’10’s FX rates) (using Q1’11’s FX rates)
United Kingdom revenues (GAAP) $976 $976
Exclude foreign exchange impact on Q2’11 revenues using Q2’10 rates (81)
Exclude foreign exchange impact on Q2’11 revenues using Q1’11 rates (29)
Exclude hedging gains recognized in Q2’11
United Kingdom revenues excluding foreign exchange and hedging impact
(Non-GAAP)
$895 $947
Rest of the world revenues (GAAP) $3,895 $3,895
Exclude foreign exchange impact on Q2’11 revenues using Q2’10 rates (336)
Exclude foreign exchange impact on Q2’11 revenues using Q1’11 rates (138)
Exclude hedging gains recognized in Q2’11 (4) (4)
Rest of the world revenues excluding foreign exchange and hedging impact
(Non-GAAP)
$3,555 $3,753

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The following table presents our revenues by revenue source (in millions, unaudited):

  Three Months Ended

June 30,

Six Months Ended
June 30,
2010 2011 2010 2011
Advertising revenues:
Google websites $4,499 $6,232 $8,938 $12,111
Google Network Members’ websites 2,063 2,484 4,099 4,911
Total advertising revenues 6,562 8,716 13,037 17,022
Other revenues 258 310 558 580
Revenues $6,820 $9,026 $13,595 $17,602

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The following table presents our revenues, by revenue source, as a percentage of total
revenues (unaudited):

Three Months Ended

June 30,

Six Months Ended

June 30,

2010 2011 2010 2011
Advertising revenues:
Google websites 66% 69% 66% 69%
Google Network Members’ websites 30% 28% 30% 28%
Total advertising revenues 96% 97% 96% 97%
Other revenues 4% 3% 4% 3%
Revenues 100% 100% 100% 100%

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