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Google CEO: YouTube is Still Losing Money

According to Dow Jones Newswire, Google CEO Eric Schmidt told reporters at the French university SciencesPo that YouTube is 'nearing profitability and its revenue is doing quite well.'

Though this is exciting news for Google, it's not the first time we've been told that YouTube was getting really close to becoming profitable. Media Memo's Peter Kafka writes that CFO Patrick Pichette said the same thing in July 2009. Not only that but Google's President of Global Sales, Nikesh Arora, said it a few months ago, in July of this year.

Google bought the hugely popular video site for $1.6 billion in November 2006, when the site had yet to reach its second birthday. It's not clear how much YouTube is costing the search giant each year it fails to turn a profit.

Source: Media Memo