Billion dollar Google

Sales at Google rose above $1bn for the first time, according to the search firm's fourth-quarter results published today.

Representing 101 per cent growth year on year, the results pushed the company's share price up 10 per cent to $211.22 in trading today.

"Google had an exceptional quarter. Revenues and profits increased significantly, our execution was solid across the company and, most importantly, our relationship with our users, partners and advertisers became even stronger," said Google chief executive Eric Schmidt.

"All this happened while we continued to innovate, expand around the world and make strategic long-term investments."

Advertising revenues drove much of the growth. Google-owned sites generated 51 per cent of revenues, and its expanded partner network brought in the rest.

The company also cut the amount of revenue it gave back to advertisers to 77 per cent of revenue to those sites, compared with 79 per cent in the third quarter and 85 per cent in the fourth quarter last year.

Google's market value now stands at $55bn, more than General Motors and Ford Motor Company combined.