Google’s Q4 net income came in $382 million ($1.21 per share), down 70 percent from $1.2 billion ($3.79 per share) last year. Revenues for the period were $5.70 billion in the fourth quarter of 2008, representing an 18% increase over fourth quarter 2007 revenues of $4.83 billion. MarketWatch points out that Google (NSDQ: GOOG) actually beat analysts forecasts for the quarter. Not counting special items, Google said earnings were $5.10 per share. Analysts polled by Thomson Reuters (NSDQ: TRIN) expected earnings excluding special items of $4.95 a share on $4.1 billion in net revenue.

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—Google Network Revenues: Ad sales from programs like AdSense delivered $1.69 billion in revenues—roughly 30 percent of all Google’s Q4 revs—for respectable 4 percent gain year-over-year.

—Google Sites Revenues: Google-owned sites generated revenues of $3.81 billion. The segment account for 67 percent of Google’s total revenues during the period. Site revenues were up 22 compared to Q407.

—International: Revenues from outside of the United States were $2.86 billion. Google says that if foreign exchange rates remained constant from last year, the segment’s revenues this past quarter would have been $266 million higher. UK revenues totaled $685 million, a meager 3.6 percent increase over last year.

Release | Transcript (via Seeking Alpha)

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