Google (NSDQ: GOOG) has recorded a $355 million impairment charge in relationship to its $500 million investment in Clearwire (NSDQ: CLWR), which recently completed its merger with Sprint (NYSE: S) Nextel’s WiMax unit. Google is only the latest Clearwire investor to do so, following both significant write-downs by Intel (NSDQ: INTC) and Time Warner (NYSE: TWX), which recorded impairment charges earlier this month of $950 million and $350 million, respectively. Google’s investment in Clearwire matches with the company’s philosophy of letting consumers access the Internet anytime and anywhere. However, it also garnered a number of business agreements with the investment, including being the mobile advertising and search provider. Clearwire will also use Google’s Android operating system for future voice and data devices.

SEE ALSO: Sprint-Clearwire: Google’s Role Too Big? Pay-For-Access Deal Raises Net Neutrality-Like Concerns

Google revealed the impairment charge during it’s fourth-quarter earnings results today. Google’s Q4 net income came in $382 million ($1.21 per share), down 70 percent from $1.2 billion ($3.79 per share) last year. Revenues for the period were $5.70 billion in the fourth quarter of 2008, representing an 18% increase over Q4 2007 revenues of $4.83 billion. Google beat analysts forecasts for the quarter when you don’t count special items, such as impairment charges. Google’s CEO Eric Schmidt highlighted the company’s mobile performance in a press release: “Google performed well in the fourth quarter, despite an increasingly difficult economic environment. Search query growth was strong, revenues were up in most verticals, and we successfully contained costs. It’s unclear how long the global downturn will last, but our focus remains on the long term, and we’ll continue to invest in Google’s core search and ads business as well as in strategic growth areas such as display, mobile, and enterprise.” Release.

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