Sohu reported its Q4 2009 earnings this morning and the news is good for the Chinese Internet portal. (Sohu is basically China's Yahoo!) Revenues came in at $135.8 million and were up 12% compared to Q4 2008.

Specifically, brand advertising revenues were up 2%, coming in at $45.9 million. While Sohu tried to paint the picture as being on target with their guidance, Wall Street wasn't thrilled with the numbers. Stocks were down 0.7% at the time of this post. Perhaps their disappointment is due to the fact that Sohu previously has posted huge numbers, including a 600% jump in profit back in the summer of 2008.

Wall Street also may be skittish on Chinese Internet companies as Google's recent ultimatum has raised serious questions on censorship and Internet security issues as it relates to the Chinese government.

Still, Sohu is hoping for great things in 2010. With the Winter Olympics and the World Cup both being held this year, they're hoping for big ad numbers to come in. After all, that aforementioned 600% came the summer of the 2008 Olympics.