I think I can,
I think I can...

Yesterday Google reported deflated net income for 4Q08: a fall of 68% from the year prior. Revenue grew 28% to $5.7 billion, however, beating Wall Street expectations.

Net income for the quarter ending December 31 was $382 million, or $1.21 per share, compared with $1.2 billion — $3.79 per share — last year. These included one-time charges of $1.1 billion, accounting for the plummeting value of Google's investments in Clearwire, a wireless broadband provider, and AOL.

Barring that, and items like stock-based compensation, profit was up $5.10 per share, topping its $3.79-per-share rate in 2007. (Analysts expected a report of $4.96 per share.)

Total net revenue — excluding commissions to affiliates — increased nearly 25% to $4.22 billion from $3.39 billion in 4Q07. (Analysts expected $4.12 billion.) According to Google, paid clicks rose 18% from the previous year.

Overall, analysts concluded Google's growth is slowing, but paid search — its bread and butter — appears to be weathering the downturn, The New York Times reports.

Efforts to decrease overhead — closing unprofitable services, cutting labor costs — and increase profit — mainly by providing more ad space on existing properties — likely also buttressed the search giant against economic gale force winds.

Asked whether the company expects to make deeper cuts in the near future, CEO Eric Schmidt replied, "It is highly unlikely."