Intellectual Property Law

Comcast, Google & Verizon on the Recession's Sting

By Cynthia Brumfield

Bear Stearns is hosting its annual media conference in Palm Beach this week and the top execs from all the media world, which now includes the Internet, are offering their insights into the year ahead. On one topic, the recession, most companies seem to downplay the negative impact of the deteriorating economy on their businesses.

Google's Tim Armstrong, President of Advertising and Commerce for North America, told the attending investors that despite some reports of a recession-induced slow-down for the search giant, "the overall trade winds are still blowing positively and they?re blowing toward Google."

Comcast CFO Michael Angelakis said that cable's historical status as a recession-proof business "as a theory remains true." But, "we are also generating well over $100 per month from a customer. That's just a reality in terms of what the customer can or cannot afford," he said.

Still, Angelakis struck a hopeful tone. "I think our company will do well, not as well from a growth perspective, but I think we'll ride out this recession just fine."

Verizon's CFO Doreen Toben said that the company's recently announced $100 unlimited voice plan is propelling the carrier's wireless business, as planned. But, there have been some bad debt accounts in the Midwest, although not enough to drive customer counts in any significant way.

Full post as published by IP Democracy on March 10, 2008 (boomark / email).