Google Cuts Temporary Workers, But Murky on Details

Google is under greater pressure to boost its profits coming off a year in which its stock price plunged by about 55%.

Although it started to seek more freedom to invest its money well before the recession, gaining more flexibility this year could provide Google with another way to make more money. The recession has eroded the returns on U.S. Treasury notes and bonds as interest rates have fallen in recent months.

In the last four quarters ending Sept. 30, Google said it earned $415 million from its investments, accounting for about 8% of its total profit of $4.7 billion during that period. In calendar 2007, Google earned $452 million from its investments, generating nearly 11% of its income.

"It is ... critical that Google have the ability to maximize its available resources to remain competitive in its industry," the filing said.

The SEC hasn't set a timetable for ruling on Google's exemption application, according to agency spokesman John Heine.