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Google files for IPO

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Mountain View, Calif.--Search engine giant Google Thursday filed its eagerly anticipated plan for an initial public offering with the Securities and Exchange Commission.

Google said it intends to sell all of the shares in the offering in an auction-style process.

Google said in the filing: "Our experience with auction-based advertising systems has been surprisingly helpful in the auction design process for the IPO. As in the stock market, if people try to buy more stock than is available, the price will go up."

The company is also bucking Wall Street tradition with its decision not to report its performance on a quarterly basis. In a letter from the founders, Co-president Larry Page wrote, "A management team distracted by a series of short-term targets is as pointless as a dieter stepping on a scale every half-hour."

Google indicated in the filing that the company earned $105.6 million last year on $961.8 million in revenue.

--Carol Krol

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