International revenues as a whole remained level at $3.52 billion, representing a 53 percent of overall revenues, which were $6.67 billion. This compares to 50 percent for the same quarter a year ago.

As with previous quarters, Google does not break out UK or other international ad sales in local currencies. Google says its revenue figures represent gains made from its foreign exchange risk management program…

Had foreign exchange rates remained constant, from the third quarter of 2009 through the fourth quarter of 2009, Google’s international revenues in the fourth quarter of 2009 would have been $112 million lower; and they would have been $196 million lower in compared to the same quarter a year ago. In the fourth quarter of 2009, Google says it recognised a benefit of $8 million to revenues through our foreign exchange risk management program, compared to $129 million in the fourth quarter of 2008.

Arora: “Globally [Google] saw a significant uptake in retail advertisers, online e-tailers and trad brick and mortar companies.” In general, bricks and mortar companies are increasing their online spend outside the US. Emerging markets are spending more in search and display too.