I went through google earnings through this table. I like to do my own analysis despite what the analysts say and come to my own conclusions.
After going through this table, the operating income grew by 11% year over year for the full year despite revenue going up 29%. It is still pretty decent but we aren't seeing the heady growth in income we saw before. Google is executing well with mobile (700K phones activated everyday), display ads (5 billion business), youtube and other businesses and will be a force to contend with for years to come. The stock valuation is a different story and it is not cheap by any means. This is keeping in mind that Google is about to buy Motorola Mobility which likely will change the MO relationship in a significant way for Android.
Since we are talking about business as a whole, let us look at the earning call transcript. From Larry Page: