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Google Q4 Revenue Up 26 Per Cent As Schmidt Steps Aside For Page

Google has posted a strong financial performance for the fourth quarter of 2010, with its earnings rising beyond analysts expectations.

The company posted an earning per share of $8.75, more than the $8.09 estimated by financial pundits. Google also posted a 26 per cent year-on-year rise in Q4 revenue of $8.44 billion, while profits were reported to be $2.54 billion.

The company has also announced that co-founder Larry Page will be replacing Eric Schmidt as the company's chief executive officer from 4 April this year. Schmidt's role in the company will now be limited to focusing on deals and partnerships.

Schmidt, commenting on his reassignment, wrote in a blog post: “In this new role I know he will merge Google’s technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.”