Introduction

Since 2004, when Google began to have annual reports, Larry and I have taken turns writing an annual letter. I never imagined I would be writing one in the midst of an economic crisis unlike any we have seen in decades. As I write this, search queries are reflecting economic hardship, the major market indexes are one half of what they were less than 18 months ago, and unemployment is at record levels.

Nonetheless, I am optimistic about the future, because I believe scarcity breeds clarity: it focuses minds, forcing people to think creatively and rise to the challenge. While much smaller in scale than today’s global collapse, the dot-com bust of 2000-2002 pushed Google and others in the industry to take some tough decisions – and we all emerged stronger as a result.

This new crisis punctuates the end of our first decade as a company, a decade that has brought great change to Google, the web and the Internet as a whole. As I reflect on this short time period, our accomplishments and our shortcomings, I am very excited about what the next ten years may bring.

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