Internet search engine Google is being "more careful", according to its chief executive officer, Eric Schmidt, in an interview with Bloomberg.

As a result of the global economic instability, he says the company plans to make fewer acquisitions following profit growth this quarter slowing to its lowest level in the whole year.

Google has spent more than $3.38 billion (£1.99 billion) in the past year on acquisitions, extending its dominance to larger than that of Yahoo! and Microsoft, Bloomberg notes.

Mr Schmidt said that the current situation has led to companies – including newspapers – becoming "vulnerable" as advertisers’ budgets shrunk and have to cut back on website marketing.

He added: "We’re in a massive shift from how we’re doing computing."

The news follows Yahoo!’s intention towards job cuts in order to save money, following a loss of half the company’s share value since the failed Microsoft takeover in May.

It will be the second time the internet portal has laid off workers, following 1,000 redundancies made earlier this year, according to CNN.

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