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Google CEO says worst of ad slump is over


    NEW YORK (Reuters) - Google Inc Chief Executive Eric Schmidt said on Wednesday that the worst of the advertising recession was over, and pointed to signs of a recovery in both Europe and the United States.

    Speaking to a group of reporters in New York, Schmidt said that GOOGLE (GOOG.NQ) the largest U.S. Internet search engine, had increased its hiring and investment in anticipation of a recovery.

    "The worst is behind us," he said. "We're clearly seeing aspects of recovery, not just in the U.S. but also Europe."

    Google first started to see signs of a recovery in May and June, Schmidt said, following a period in which the slump in advertising spending undercut the company's revenue growth and the price of its search ads.

    Shares of Google, which is due to report its third-quarter earnings next week, rose 1.2 percent to $504.78 in midday trading.

    (Reporting by Anupreeta Das, editing by Paul Thomasch and Lisa Von Ahn)