The company's income was up by 22% in the final quarter of the year, a 36% year-on-year rise, Reuters reports.
"We ended 2012 with a strong quarter," said Google CEO Larry Page. "Revenues were up 36% year-on-year, and 8% quarter-on-quarter. And we hit $50 billion in revenues for the first time last year - not a bad achievement in just a decade and a half."
Google's reported revenue includes the $14.42 billion raked in by Motorola's smartphone business, but does not encompass the profits from its subsidiary's set-top box business, which the web giant has agreed to sell.
The world's leading search engine's consolidated net income in the fourth quarter was $2.89 billion or $8.62 per share, compared to $2.71 billion, or $8.22 per share in 2011.
Shares in the company rose by 4.5% after the financial results were announced. Google earned $10.65 per share during the quarter.
However, it was not all good news for Google. The average cost-per-click of its on-site advertising fell by 6%, the fifth consecutive quarter of decline, and Motorola reported operating losses of $353 million.