Reuters reports that the expected revenues are said to be in the area of 13% to 15% higher than the $4.38 billion Google reported in Q3 2009. Despite rumors of higher than expected earnings, some analysts feel that the ongoing fight with the Chinese government is putting a cloud over Google's finances.

Google has been fighting with the Chinese government since a mid-December attack originating in China against Google's Chinese offices resulted in the theft of source code. As a result of the attacks, Google has hinted that it might consider leaving the Chinese market and the search giant has said that it will stop censoring search results within the country.

The Chinese government censors any content online that it deems objectionable. China issued a veiled response to Google saying that it welcomed any internet company that would follow the law in China. The fight with China has driven Google stock prices down reports Reuters. Google stock is down 8% from its 52-week high of $629.51 per share.

Despite stock prices being down from the 52-week high, the rumored revenue growth of 13 to 15% for Q4 would beat the expectations of analysts of 12.3% growth sequentially. The 12.3% growth number would peg the revenue at $4.92 billion.

Despite the trouble with China, analysts still think the Google stock price has room to increase. As the advertising market returns to strong growth Google is expected to expand its footprint into new areas like graphical ads and affiliate networking reports Reuters.

Analyst Sameet Sinha said, "As people get more visibility in 2010, I think there's room for the stock to continue going up."

Google's new entry into the mobile phone market, the Nexus One, isn't expected to contribute significantly to the revenues reported for Q4. However, moving forward, Google's mobile phone efforts are expected to add significantly to the search giant's bottom line as it helps open the way to mobile advertising and other profit avenues.