Sometimes $15 billion just isn't enough.
Google reported earnings of $6.27 per share on revenue of $15.42 billion for the first quarter, missing Wall Street estimates for earnings of $6.44 on revenue of $15.52 billion. Revenue excluding traffic acquisition costs for the quarter was $12.19 billion, coming in below analyst estimates for around $12.25 billion.
The number of paid clicks for Google ads increased by 26% year-over-year, but the average cost-per-click continued to decline 9% year-over-year as more ads are consumed on mobile.
Google stock had run up to above $1,200 a share at one point earlier this year, but the company finally split its stock in April, which brought the price of shares back down into the mid-$500 range.
Both classes of Google stock -- GOOG and GOOGL -- declined by a little more than 5% in after hours trading following the earnings report.
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