With Motorola Mobility currently waiting for the powers that be to approve Google's proposed $12.5 billion buyout, so its full year financials for 2011 reflect its transient state.

Net revenue for the quarter came in at $3.4 billion – comparable to the same quarter in 2010 – with the firm's mobile devices division generating $2.5 billion, up 5 percent year on year.

However, the company posted a non-GAAP operating loss of $19 million and a GAAP operating loss of $70 million in Q4, bringing total losses for the year up to $285 million.

Mobile woes

As projected, mobile device shipments for Q4 2011 came in at 10.5 million - down from 11.3 million in the previous quarter.

Smartphone shipments, however, were up to 5.3 million – more than half of the firm's total output, and representative of 28.3 percent of all smartphones the firm shipped throughout 2011.

In all, mobile device shipments came in at 42.4 million, with smartphones hitting 18.7 million for the year.

In contrast, Motorola's hand in the tablet market – the Xoom – appears to be a rapidly fading force, with Q4 shipments hitting 200,000 units, taking 2011's total to 1 million.

Google on by

"In the fourth quarter, we received very positive consumer response to Motorola RAZR, which combined an iconic brand with ultra-thin in an innovative smartphone," said chairman and CEO Sanjay Jha.

"We remain energized by the proposed merger with Google and continue to focus on creating innovative technologies."

The company ended the quarter with total cash and other liquid assets of $6.6 million, up from $3.1 million at the same point last year.

[source: Motorola (PDF)]