Yahoo! Sees Comeback With Mobile Search

In the fourth quarter alone, Google announced new partnerships with China Mobile(CHL Quote) and South Korea's Samsung and SK Telecom.

"Our users also need to reach us on multiple devices from any location, so mobile and global markets are an integral part of everything we do," Google co-founder Larry Page said on the conference call.

His company does not expect to see revenue rolling in until 2008, but it considers 2007 a year crucial year to grab land in the space.

Mobile also makes up a cornerstone of Yahoo!'s plans. "With the launch of several key new products and strategic partnerships, we have demonstrated our intention of becoming the No. 1 player in mobile, mobile search and mobile monetization," CEO Terry Semel said in the company's fourth-quarter conference call .

Though Google just announced a deal with Vodafone, Yahoo! already had an arrangement to provide graphical advertising with the mobile giant -- a category it leads.

Investors, for their part, are expecting big things from both companies when it comes to their mobile plans -- especially Yahoo!'s

At $456.26, Google currently trades at about 25 times earnings. Yahoo! at $29.27, meanwhile, trades at slightly above 40.