Google Inc. (GOOG) is open to making large and small strategic acquisitions now that the worst of the economic crisis has passed, the Internet search company's chief executive said Thursday.

"We're open for business, making strategic acquisitions, both large and small," Eric Schmidt said during a conference call with analysts. Schmidt's comments came as the company reported third-quarter results that topped Wall Street expectations.

Schmidt had previously said the company was once again in a buying mood, but his earlier comments seemed to downplay the prospect that Google would be willing to consider large deals.

Schmidt noted that Google has typically bought small companies that aren't very expensive but deliver a specific technology. He added that Google has looked at a number of companies with innovative search technologies, as well as a handful of startups that have figured out better ways of sorting and working on display ads.

He also said Google was looking at making acquisitions that will improve its enterprise business, its Chrome products and its Android mobile platform.

"We're certainly looking for larger businesses to buy, but in those cases there would have to be some specific - some major, major user base that we do not currently have access to, and so they are going to be quite infrequent," he added.

Company executives stressed that after adopting a more conservative approach over the past year, Google was once again prepared to step up investment in a targeted and disciplined manner that includes hiring more people across the company, particularly in engineering and sales.

Schmidt said that while the pace of the economic recovery remains uncertain, he has seen lots of signs that the worst of the recession has passed.

"We're investing, and we're investing heavily," said Chief Financial Officer Patrick Pichette.

Executives also touted progress in several key emerging businesses. The company noted that mobile searches on Google grew 30% on a quarter over quarter basis, an indication that the mobile market is extremely vibrant.

Schmidt noted that the fourth quarter will be a "very, very critical period" for the company's mobile strategy, which is based on the Android mobile operating platform.

Android adoption "is literally about to explode. You have all the necessary conditions. You have the vendors. You have the distribution and so forth," he said.

Pichette added that online video site YouTube was on track to become a profitable business in the near future. Google noted that roughly 90% of YouTube's U.S. home page inventory sold out in third quarter, a huge improvement from prior quarters.

"We're monetizing more than a billion videos views every week on YouTube," said Pichette.

Asked whether Google might put some of its cash to work repurchasing shares, Schmidt told analysts not to expect a buyback anytime soon.

Shares Google were up 3.2% at $547.00 in late trading, building on the 52-week high the stock reached during the regular session.

-By Scott Morrison, Dow Jones Newswires; 415-765-6118; scott.morrison@dowjones.com