Google has announced its revenues reached $50bn in 2012.

Co-founder of Google, Larry Page, said the new figures were “not a bad achievement”.

The company amassed $14.4bn (£9bn) of revenue in the fourth quarter of 2012; 36% more than the same quarter in 2011. The results have demonstrated how mobile advertising is bolstering the value of online advertising for companies such as Google.

Larry Page said: “We ended 2012 with a strong quarter. Revenues were up 36% year-on-year, and 8% quarter-on-quarter. And we hit $50bn in revenues for the first time – not a bad achievement in just a decade and a half.”

Google’s $50bn year is very impressive considering the company’s humble beginning; it was founded in 1996 as a research project by Larry Page and Sergey Brin when they were studying for their PhDs at California’s Stanford University.

The total advertising revenue that Google made in 2012 was up by 19%. Google’s own sites accounted for 67% of total revenues (or $8.64bn) and Google’s partner sites raised $3.44bn, or 27% of total revenues.

Paid clicks rose 24% from 2011 and were up 9% in 2011’s last quarter.