Google reported a revenue growth by 19 percent in the first quarter but it is still lower than expected, as the price of its online ads continue to decline. The number of "paid clicks" by consumers on Google's ads increased by 26 percent year-on-year in the first quarter, while the average "cost per click" declined 9 percent. Google's core Internet business revenue was $15.42 billion in the first quarter, versus $12.95 billion in the year-ago period.

Google posted $3.45 billion in net income in the three months ended March 31, compared to $3.35 billion in the year-ago period. Excluding certain items, Google said it earned $6.27 per share.

Google reported a $198 million net loss from "discontinued operations," which includes the Motorola smartphone business.