Mozilla Foundation chairperson Mitchell Baker has revealed that revenue for Mozilla in 2007 was at USD $75 million. This is a 12% increase on last year which Baker believes is impressive, despite the world economic slowdown.

Most of Mozilla’s revenue comes from a search agreement with Google, but there other sources of income such as the Mozilla Store.

The relationship between Mozilla and Google is now under the microscope by the IRS (the “Internal Revenue Service,” the US national tax agency). Baker isn’t sure how long the investigation will last, but is confident that Mozilla hasn’t committed any wrong doings.

Mozilla also handed over $1 million in grants and donations to other non-profit organisations in 2007. GNOME project, Creative Commons, Oregon State University are just a few of the organisations to receive grants or donations in 2007.

The future sure is looking bright for Mozilla and Firefox. You can read Baker’s post in full for more details.