Google plans to increase advertisements on smartphones after AdMob deal

Google CEO Eric Schmidt says more advertisements are likely to appear with its mobile applications on smartphone devices, after announcing its acquisition of AdMob earlier this week, Bloomberg reports. Schmidt said that iPhone, Android, and other smartphone users should expect to see application monetization.

Google signed an agreement to acquire the mobile ad network for $750 million in stock on Monday, as we reported. IDC Analyst Karsten Weide says that the two companies control about 30 to 40 percent of the mobile ad market.

In an unexpected turn, Google says it will use cash to buy back $750 million in stock being used for the deal, the first time the company will complete a stock buyback. [via mocoNews]