It looks like Google is making billions again. Although they didn’t hit their goals in revenue, Google post a 6.67 billion fourth-quarter profit in 2009.  With take a look at some of the highlights of Google’s earnings release.

Google network revenues – Not only did Google generates a lot of revenues, its network partners as well. Most of this was done through adsense programs which netted just over $2 billion in revenue. This is a large jump from the fourth quarter of 2008 which showed Google adsense revenues at 1.69 billion.

Google sites revenue – Google owns a lot of sites across the Internet.  Those sites that Google owns generated revenues of $4.42 billion which is 66% of total revenues. This is up 16% from the fourth quarter of 2008.

Total revenues – Google’s total revenues of 6.67 billion in the fourth quarter is a 17% increase from the same time in 2008.

Here is some of the conversation between Google CEO Eric Schmidt during a question and answer session.

Google CEO Eric Schmidt: Touts search quality improvements and product improvements (e.g., Real Time search) and discusses future investments in personnel and technology in general. He says of acquisitions: “there will be at least one a month.”

CFO Patrick Pichette: Google saw some “impressive growth in YouTube revenues.” UK revenue up 13 percent, while US up 11 percent.

Product SVP Jonathan Rosenberg: Discusses “more wood behind fewer arrows approach.” This refers to shutting down non core products: Lively, Audio Ads and putting more emphasis on fewer core services and products. He says Android started 2009 with one device and now there are more than 20. He echoes Pichette: “YouTube is monetizing nicely.” We’re going to work hard on making ads richer, more diverse and more useful. We’re trying to make it easier for local businesses to manage their online presence and help them connect with people “around the corner.”

He alludes to Google’s efforts to bring local product inventory online. There’s potential to make the “mobile web better than the PC web.”

President Global Sales Operations Nikesh Arora: Discussed how larger businesses turned a larger part of their media spend to online. He also mentioned that retailers (both etailers and traditional offline merchants) were spending more online.

Arora also mentioned that “all parts of our display ad strategy” were performing well: DoubleClick ad exchange, YouTube, Google Content Network.

Schmidt: Offers a very general, high-level response. Wants to stay in China but “under somewhat different terms.”

Rosenberg: Re mobile . . . new formats (e.g., click to call) and targeting tools are making a “big difference.” We’re starting to see much improved monetization across mobile.

Pichette: YouTube . . . now running ads in 20 countries. Home page was nearly sold out in Q4.

Schmidt: A story that hasn’t been told is how successful Google is in display; you’ll hear a lot more about that in 2010. He also says that 2010 will be a very strong year for mobile revenue growth. Re Apple, he expresses respect, acknowledges that they compete but says their relationship is “stable.”

Also cites local as a growth area (not clear if he’s talking consumer behavior or small biz advertisers).

Rosenberg: Our CPCs not impacted by what our competitors do (re Bing question).

Pichette: Says that TV advertiser budgets will be shifting in some part to online display; this is a big area of focus for us this year because “it’s got a lot of runway.”

Schmidt: Re Apple (again) . . . not going to speculate on any deals or rumors of any kind (re implied Bing replacement of Google on iPhone).