Google shares gained in pre-market trade in New York after the company gave a resoundingly upbeat presentation overnight, stating it will expand into every area of the media as it targets revenues of $100 billion a year.

In early trade in New York, the stock gained 1.8 per cent to $383.09. The shares have recovered from a low of less than $340 earlier this week but remain 20 per cent off their high of $475 earlier this year.

In remarks that could worry traditional media groups, Google confirmed that it aims to hold a presence in every part of the $800 billion global advertising market - from television and radio to print and direct marketing.

"We see ourselves in every one of those segments … It will be possible in the next few years," Eric Schmidt, Google's chief executive said.

Mr Schmidt also appeared to indicate, by saying Google intends to be a "$100 billion company" a long-term target for revenues. Google is already worth more than $100 billion on the stock market. It achieved revenues of $6 billion last year.

The company had been under pressure to reassure investors over its prospects after comments from George Reyes, its finance chief sparked a sell-off of the stock on Tuesday. Mr Reyes had said Google's size meant sales would have to slow at some point.

Shrugging off the mid-week slump, the internet advertising company marched onto the offensive overnight, outlining how it would increase sales by improving the quality of its search engine and its adverts and by investing in infrastructure and new technologies.

Mr Reyes made no reference to his earlier comments. "As we look forward into next year, we believe our business is exhibiting very strong fundamentals and growth potential," he said.

None of the analysts sitting in the meeting asked for clarification of his earlier remarks.

Analysts’ estimates had already shown an expected decelerating growth rate for Google, down from nearly 100 per cent in 2005 to less than 60 per cent growth this year and below 40 per cent in 2007.

Google derives more than 97 percent of its revenue from search-related advertising. Google reaches 69 per cent of global internet users, who on average are exposed to 128 search ads per month, the company said.

Market research firm comScore Networks Inc shows Google with 40 per cent of the US market for web searches and between 60 per cent and 80 per cent of most European markets.

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