Motorola has seen better days. The company reported revenue of $3.44 billion in Q4, slightly above the Q4 2010 results, but it failed to turn a profit.

The company posted an $80 million loss in Q4, whereas a year earlier it reported $80 in profits. Motorola’s loss in 2011 amounted to $249 million, up from $86 million in 2010.

Interestingly, Motorola claims to have shipped a million tablets in 2011, but only 200,000 of them were shipped in Q4, which means sales are slowing. On the phone front, Moto shipped 10.5 million units in Q4, down from 11.3 in 2010.

However, the market is optimistic that Google’s takeover will breathe new life into the troubled mobile giant, once it is approved by regulators, of course.