Google, Inc. is slated to announce it’s fourth quarter and full-year earnings for 2010 today via webcast.

According to new IHS Screen Digest research, it is estimated that Google’s full-year search advertising revenue in 2010 amounted to $25.4 billion, up 20.2%  from $21.1 billion in 2009.That’s a whopping 83%of market share in 2010, a 2% growth since 2009. Google’s revenue growth was even stronger in display and mobile advertising. As a result, Google’s total revenues are expected to reach $28.9 billion in 2010, up 22.5% from 2009.

But we all know that Google rakes in money hand over fist. That is nothing new. What I found most interesting about IHS’s analysis of Google and it’s upcoming announcement, is that social networks are Google’s biggest threat. We’ve all seen the search giant’s failed attempts to play catch-up with Facebook and create its own social networks. Could this be the one thing Google can’t do? Vincent Létang, senior analyst and head of advertising research for IHS says:

“Microsoft and Facebook recently have deepened their own alliance in search, with Bing now providing sponsored links on Facebook searches and Bing to integrate social results powered by Facebook. The association of Microsoft with Facebook and its 500 million-plus users is, in our view, a much bigger threat to Google’s dominance of the Internet than the Yahoo-Microsoft deal or the company’s legal issues. Social networking is the only major Internet trend where Google has failed to make its mark by either acquiring or developing strong products, despite semi-failed short-lived attempts.”

I’m always a little surprised when I see a new social network pop up. If MySpace couldn’t compete with Facebook — which it’s recent layoffs seem to indicate — then how could any newcomer? I struggle to keep up with my Facebook, LinkedIn, and Twitter accounts. I certainly have no desire to add Google Wave to that list…especially since none of my friends, family, or colleagues seem eager to join.

Let’s face it: We’re kind of stuck with Facebook at this point, like it or not. Google may be better off focusing on what it does well, and stop trying to convince people to forget the thousands of hours they’ve invested in building a network on Facebook. Take a hint from Bing! and team up with the giants of social media instead of trying to beat them at their own game.