Despite some market concerns over Google's growth potential in a slowing economy, the search giant continues to report strong growth, with fourth quarter revenue up 51 percent over the same period the year before.

Google reported revenue of US$4.83 billion for the quarter ending Dec. 31 using generally accepted accounting principles (GAAP). Net income for the period was $1.21 billion, compared to $1.01 billion in the third quarter of 2007.

With earnings per share of $4.43, Google just missed analyst consensus of $4.44 on a non-GAAP basis, as polled by First Call.

Google continues to increase revenue from outside the U.S., reporting that 48 percent of total revenue in the quarter came from international markets. That's up from 44 percent in the same period a year earlier but the same as the third quarter 2007.

In a statement, Google's CEO Eric Schmidt said that the report reflects strong momentum in the company's core business as well as a growing receptivity to its new businesses.

The IDG News Service is a Network World affiliate.