Google reported revenues of $1.9 billion in the fourth quarter, up 86 percent over the year-ago period and up 22 percent sequentially. Net income was $372 million, or $1.22 earnings per share.

The results bring Google's full-year 2005 revenues to a staggering $6.1 billion.

Despite its record earnings, the company missed analyst expectations and its stock price was down in after hours trading.

"We see tremendous opportunity for growth," said CEO Eric Schmidt. "It looks, based on our analysis, that international markets are highly underpenetrated. Perhaps most importantly, we believe the rate of innovation will increase in 2006, as we continue to bring the most talented minds into Google.

Sites owned by Google generated 57 percent of revenue for the quarter, while publishers in its AdSense network brought in 42 percent. Network revenue grew at a slightly slower pace, recording an 18 percent increase over Q3 compared with 24 percent for the company's native sites.

Read more about Adsense's place in the overall Google revenues at http://www.clickz.com/news/article.php/3581956.