Google Inc (NASDAQ:GOOG) (GOOGL) reported that its first quarter earnings and revenue for the current fiscal year increased, however the results missed the consensus estimates of Wall Street analysts. The stock price of the company (Class A & Class C) declined by more than 3% during the extended hours trading on Wednesday.

The search engine giant’s Class A shares (NASDAQ:GOOGL) went down 3.26% to $545.50 per share while its Class C shares (NASDAQ:GOOG) fell 3.15% to $539 per share after hours.

For the three months ended March 2014, the search engine giant generated Non-GAAP net income of $4.3 billion or $6.27 earnings per share, up from its $4.04 billion net income or $6.27 earnings per share in the same quarter a year ago. Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) said its revenue increased 19% to $15. 42 billion year-over-year.

Wall Street analysts estimated that the search engine giant will be able to deliver $6.40 earnings per share and $15.5 billion revenue, therefore the financial results of the company fall out of their expectations.

In a statement, Larry Page, CEO of Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) said, “We completed another great quarter. Google’s revenue was $15.4 billion, up 19% year on year. We got lots of product improvements done, especially on mobile. I’m also excited with progress on our emerging businesses.”

Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) said its paid clicks related to ads served on Google site and its Network members’ sited increased by approximately 26% year-over –year. Its cost-per-click (CPC) declined 9% on an annualized bases or remained constant from the fourth quarter last year.  Its traffic acquisition cost (TAC), the portion of revenues distributed to its partners increased to $3.23 billion from $2.96 billion in the year-ago quarter.

BGC Partners analyst Colin Gillis commented, “It’s an average quarter from a great company. It’s the same old story. Paid clicks were a little lighter than people might have hoped, CPC declines were a little higher than people would have liked, expenses continued to rise.”

The search engine ended the quarter with $59.38 billion cash, cash equivalents, and marketable securities excluding cash classified as held for sale. The company has 49,829 million total employees as of March 31, 2014.