Google's 2012 revenues hit record high of USD 50 billion

Google reported Tuesday that its profit climbed and its annual revenue hit an unprecedented high last year as it evolved to stay in tune with people using smartphones and tablets.

- We ended 2012 with a strong quarter - said Google co-founder and Chief Executive Larry Page.

- We hit $50 billion in revenues for the first time last year; not a bad achievement in just a decade and a half - he added.

The fourth quarter profit was up 6.7 percent from a year earlier at US$2.89 billion, and for the full year Google's earnings grew 10 percent to US$10.74 billion.

Revenue in the quarter that ended December 31 was up 36 percent from the same period a year earlier at US$14.4 billion. For the year, revenues grew to US$50.2 billion.

Google dominates the US online advertising market, which grew 14.9 percent to US$10.58 billion in the final three months of last year, according to eMarketer.

The market tracker estimated that Google takes in more than 41 percent of digital ad revenue in the United States and "holds more share than any other company" when it comes to online, display and mobile advertising.