Google Shrewdly Plays Wireless Bid

Given the potential size of the mobile advertising opportunity over the long term, however, Google's efforts, even without the spectrum, should prove well worth it. While acknowledging that the market is still in its nascent stages and that forecasting is difficult, Citigroup published estimates last week that could see the global search market reach an astounding $28 billion by 2010.

And that's exactly the type of large market Google needs to meet the aggressive growth expectations Wall Street has set for the company. Its stock, which closed trading Wednesday at $698.51 a share, trades at a price/earnings-to-growth ratio of 1.3. That means that analysts expect the company to grow earnings by almost 35% each year for the next five years.

Through aggressive gamesmanship and legwork, Google seems to have set itself up to have as clean a shot as possible at the emerging mobile advertising pie. Given the heady growth expectations set out for the company, it's going to need that access.

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