Google reported revenues of $5.70 billion for the quarter ended December 31, 2008, an increase of 18% compared to the fourth quarter of 2007 and an increase of 3% compared to the third quarter of 2008.
Google still did very well compared to many other companies and beat the analyst expections once again.

“Google performed well in the fourth quarter, despite an increasingly difficult economic environment. Search query growth was strong, revenues were up in most verticals, and we successfully contained costs,” said Eric Schmidt, CEO of Google. “It's unclear how long the global downturn will last, but our focus remains on the long term, and we'll continue to invest in Google's core search and ads business as well as in strategic growth areas such as display, mobile, and enterprise.” Google's advertising platform is the most efficient and more importantly you can exactly calculate the return on text ads versus the more esoteric banner ads. Google still will do well this quarter when other advertising channels will run empty as companies try to focus their advertising dollars in the most efficient channels.
More details in this Google Announcment.