Quoted from GOOG ER:

Although he hailed his company\'s strength in a decrepit economy, Google Chief Executive Eric Schmidt signaled the challenges are becoming more daunting by describing the fourth quarter as the easy part and calling the upcoming months uncharted territory.

We don\'t know how long this period will last, Schmidt told analysts in a conference call. We obviously hope it will be short. We\'re certainly prepared to get through this, no problem.