"It's not the first entry for Microsoft," Schmidt told Fox Business News in an interview Tuesday. "They do this about once a year. I don't think Bing's arrival has changed what we're doing. We are about search; we're about making things enormously successful, by virtue of innovation."

Internet traffic tracking firm ComScore said Tuesday that the new search engine's daily penetration among U.S. searchers was 15.5 percent during the June 2-6 time period, up from 13.8 percent between May 26 and 30 for Microsoft's earlier generation Live Search. In addition, Bing's share of search engine results climbed to 11.1 percent from 9.1 percent for Live Search during those time periods. "These initial data suggest that Microsoft Bing has generated early interest, resulting in a spike in search engagement and an immediate term improvement to Microsoft's position in the search market," said Mike Hurt, senior vice president at comScore, in a statement.

Schmidt also told Fox Business News that Google is on the prowl to purchase companies to expand its offerings in mobile and cloud computing technology.

"We have been [looking]," Schmidt said. "We have been wandering around looking at all of the different companies. With the big ones, we haven't come across anything we've particularly liked. We are definitely talking to a number of smaller companies but we've done that routinely."

"We primarily look for technology. It's a typical build versus buy," he said. "How long does it take us to build it with our engineers, versus there are already engineers in this other company that have built this thing."