Today Google released its Q4 earnings results, which report $8.44 billion in revenues – a 26% increase compared to the Q4, 2009.  “Revenues – Google reported revenues of $8.44 billion in the fourth quarter of 2010, representing a 26% increase over fourth quarter 2009 revenues of $6.67 billion. Google reports its revenues, consistent with GAAP, on a gross basis without deducting TAC.”

Google’s remaining 3 top Q4 financial highlights –Google Sites Revenues, Google Network Revenues and International Revenues were all optimistic. Google-owned sites generated 67% of total revenues this quarter which is about $5.67 billion, network revenues were 22% up from previous year at $2.50 billion and international revenues outside the U.S accounted for $4.38 billion.

Google’s 26% revenue increase is great news for the company, and of course indicates their core search foundation and array of other products are doing well. Nonetheless, the biggest news to come out of the report is the stepping down of Google CEO Eric Schmidt. Co-founder Larry Page is replacing him, but Schmidt isn’t leaving the company, only changing his focus to other aspects of Google.

The Q4 2010 earnings report is the first one released since the launch of Google Instant which fundamentally changed Google and its ad structure. SiliconANGLE was there to cover a recent update to Google Instant which presents previews next to search results, days after its  launch for the iPhone.