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So Google's a money making machine. We knew that already. We didn't know, though we could have predicted based on the previous two quarters, how much Google would beat estimates this time around.

Up to the wire, analysts were predicting. Up to the wire, they were generally wrong.

Google reported revenues of $3.21 billion for Q4 2006, an increase of 67 percent over Q4 2005, and a 19 percent increase over the Q3 2006.

That equals earnings per share of $3.29, or 37 cents higher than the latest predictions, and over a dollar per share more than the third quarter, which brought in $2.36 per share.

"Our impressive performance in the fourth quarter demonstrates the continuing strength of our business model across Google properties and those of our partners," said Google CEO Eric Schmidt.

"Our growing organization allows us to deliver ever increasing amounts of information and content to our users both through investments in search and ads as well as through strategic partnerships."

Google reported total acquisition costs (TAC) of $976 million, or 31 percent of advertising revenues. At the end of the day, Google's sitting on $11.2 billion in cash.

Where the money comes from

Google Sites Revenues: Google-owned sites brought in $1.98 billion, or nearly two-thirds of total revenues in the fourth quarter, representing an 80 percent increase over the same period last year, and 22 percent increase over the previous quarter.

Google Network Revenues: Google partner sites generated $1.2 billion in AdSense revenue, or a third of total revenue, a 50 percent increase over 2005, and 16 percent increase over Q3.

International Revenues: Forty-four percent of revenues came in from outside the US, the same as in Q3. Thanks to favorable exchange rates, revenues were $18 million up. If those exchange rates that sank Google stock last year had remained the same, revenues would have been $81 million lower.

Paid Clicks: Aggregate paid clicks increased by 61 percent over Q4 2005, and 22 percent over Q3 2006.

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Jason L. Miller is a staff writer for WebProNews covering technology and business.