Google's profits nearly tripled in the fourth quarter, as online ad revenue soared. Net income in the quarter ending Dec. 31 surged to $1.03 billion from $372.2 million during the same period a year ago. Revenue rose 67%, to $3.21 billion.

$1 billion in profits wasn't enough to please investors Photo by Neema Frederic/Gamma

Google-owned sites generated $1.98 billion, an 80% increase over the same quarter a year ago and 62% of total revenue. Partner sites through Google's AdSense programs contributed $1.2 billion. CEO Eric Schmidt attributes the "impressive performance" to the continuing strength of Google's business model across its own properties and those of its partners.

Not impressive enough, however. Google shares fell as much as 3.5% after reporting, according to Reuters.

Hot as Google is, it still has something to learn about astronomical profit. Exxon Mobil last week reported fourth-quarter profit of $10.25 billion, bringing its total for 2006 to $39.5 billion, the largest ever for a U.S. company. Google will continue making "significant capital expenditures," Schmidt says. How much does an oil rig go for these days?