new-google-logo-o__130307101539-275x91__140303154259__140313225345__140314223805The stock is down about 5.6% in post market trading on the disappointing results, which include a 9% year over year drop in the average cost per click. The search giant reported net income of $3.45B, +3.2% vs the first three months of 2013, on revenues of $15.42B, +19.1%. If you factor out the impact from the sale of the Motorola Mobile business to Lenovo Group then earnings per share would have come in at $6.27, below the $6.33 that the Street anticipated. Revenues also were lower than the $15.51B analysts expected. Google says that revenues from its sites improved 21% to $10.47B while partner sites were +4% to $3.4B. But revenue costs, primarily for the data centers, jumped 25.8% to $2.73B while operating expenses were +31.2% to $5.34B. Per usual, CEO Larry Page had little to say in the company release: He noted that “We got lots of product improvements done, especially on mobile. I’m also excited with progress on our emerging businesses.”