Still, Eric Schmidt did say that much of Google's future growth would stem from mobile search and advertising. He was less optimistic about social media ads, though, echoing Larry Page's remarks about the glut of inventory being difficult to monetize.
"We have a lot of traffic, a lot of page views, but it is harder than we thought to get our ad network to work with social networks," Schmidt said. "When you are in social network, it is not likely that you´ll buy a washing machine. It is not a long term problem but it is taking us longer than we thought. We are trying new ways, new approaches all the time."