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An anemic ad market is expected to depress the Web portal's Q4 earnings.

Google just released fourth quarter earnings. Net Income was down a whopping 68 percent to $382 million (compared to $1.2 billion a year ago), primarily because of a $1 billion impairment charge related Google's ownership stakes in AOL (for which it took a $726 million writedown) and Clearwire ($355 million writedown).

Google slashes 100 recruiters and several Web services, including Google Video, Google Catalogs, Google Notebook, Dodgeball, Mashup Editor.