Google reported high quarterly revenue and profit as rising ad volume offset the impact of the strong dollar. "Google’s first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year," said Patrick Pichette, CFO of Google. "We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers."

The number of ads, or paid clicks, rose 13 percent, while the average price of online ads, or "cost per click," declined 7 percent.

Advertising sales in the first quarter rose 11 percent to $15.51 billion.