The gloomy economic scenario notwithstanding, Internet icon Google has been able to keep up its strong sales and profit in the fourth quarter. The company's $5.7 billion revenue in the quarter ending December 31, marked an 18 percent increase over its last year same quarter figures of $4.83 billion.

Google registered a fall in its net income in the fourth quarter - to $382 million, or $1.21 a share from the earlier year's $1.21 billion, or $3.79 a share - because of impairment charges on its investments in Time Warner's AOL and Clearwire Corp.

Though the 18% growth figure is a pretty pale one as compared to Google's 50 percent growth levels in the past, it still is no mean achievement in the wake of the dwindling economy! Analysts consider it a heartening performance amid economic downturn and the corporate cut-downs in advertising costs. And for investors the picture is pretty rosy as against the dismal reports by Microsoft, Intel and other tech companies.

In the opinion of Keith Wirtz, president of Fifth Third Asset Management, "We have something to feel good about with this Google news in what has been shaping up to be a gloomy earnings period."

The Mountain View, California-based company had almost $16 billion in cash at the end of the quarter! According to Patrick Pichette, Google CFO, the cash reserves provided Google with sufficient flexibility "for the right deal at the right price."