Following Google’s $750 million acquisition of AdMob, Google (NSDQ: GOOG) CEO Eric Schmidt told Bloomberg yesterday that together the two will be able to expand the number of ads on smartphones, and in particular, phones running Google’s own Android operating system.

Schmidt: “One [of] the key success points for the iPhone was this enormous development of apps, and particularly free apps, which are advertising supported. Now that we have our Android platform coming out, and really with some serious partners behind it, it will also be important to have that be true for Android as well as the others.”

Together, Google and AdMob will make up the the largest mobile-advertising company with roughly 30 to 40 percent of the market, according to IDC analyst Karsten Weide. Although these are early days, Schmidt said: “Our mobile revenue is growing faster than our regular revenue…All of the signs indicate a great success in this space.”

Schmidt said that it is paying for AdMob with stock, but once the deal is complete, it will use cash to buy back $750 million of Google shares to prevent the transaction from diluting shareholders’ holdings.

Separately, the WSJ talked to Rich Wong, a partner at Accel Partners, which invested in AdMob. Wong said he was not concerned with the fact that Google was paying for AdMob with stock. “Google stock is so liquid, it’s kind of like cash. This wasn’t a major topic, actually. We’re very happy with this exit.”

As for where he sees mobile technology heading in the coming years, Wong said we’ll see another wave of activity. “The walled garden collapsing, more openness and better phones. The Droid, iPhone and BlackBerry are great phones. Things are really moving at a different speed now. It’s fascinating. I haven’t gotten a lot of sleep in the last month.”