Eric Schmidt, Google's CEO, says that, for this year, he expects to double his company's rate of acquisition and expects to maintain that pace due to the failure of some internal projects to spur growth.

"The opportunities are there... We can afford it. We're in a mode of investment for the long term," said Schmidt.

Google, which has about two-thirds of the search engine market in the US, is making acquisitions every couple of weeks. The rate is more than Schmidt's projection of more than one acquisition a month when Google began buying companies again after the recession.

The company's latest acquisition was Slide, which makes games for social networks. Google is also purchasing startups in social networking, mobile technology and graphic advertising.

More than 90 percent of the company's revenue comes from its traditional advertising business. It has also discontinued projects such as the Wave collaboration site because the solution did not attract enough users. The Wave service was launched last year.

The company has also struggled to keep up with Facebook.

"They're trying to keep up with a rapid rate of innovation in the online world," said Clay Moran, an analyst at Benchmark. Moran recommends purchasing the stock. "You could certainly argue that they haven't been able to do it internally as well as they would have liked."

Schmidt says that increased antitrust scrutiny won't stop his company from seeking acquisitions. Google's purchase of AdMob received clearance from the Federal Trade Commission after months of review.