Google (NSDQ: GOOG) turned in Q407 revenues of $4.83 billion, 51 percent higher than the previous year and 14 percent higher than the previous quarter. Net income was $1.21 billion ($3.79 per share), up 17 percent over $1.07 billion ($3.38 per share) in the same quarter last year. Google reports its revenues without deducting traffic acquisition costs, which totaled $1.44 billion; that gave the company a net income of $3.39 billion and earnings of $4.44 per share. Sounds impressive but Google failed to meet expectations, sending the stock down sharply in the first 30 minutes after-hour trading: down 8.5 percent—48 points—to $512 per share.

Some of the highlights:

—Google’s owned sites accounted for 65 percent of the company’s revenues, bringing in $3.12 billion—up 58 percent year over year and 14 percent over last quarter.

—AdSense partners generated $1.64 billion, also a substantial increase—37 percent—over the previous year but only 12 percent over Q306.

—Paid clicks are up approximately 30 percent year over year and about 9 percent over sequentially.

—International: Non-US revenues accounted for 48 percent of total revenues, up from 44 percent last year and static from Q307. UK revenues totaled $692 million but are slipping a bit in terms of percentages—14 percent of revenue this year compared 15 percent in Q406 and 16 percent in Q307.

Earnings release | Slides(pdf) |  Webcast (4:30 p.m. EST) | Transcript