Google today reported unimpressive first quarter earnings for 2014, with earnings per share of $6.27 on revenue of $15.4 billion.

Analysts expected Google to report earnings of around $6.40 per share on revenue of 15.52 billion.

In regular trading, Google was up by more than 2 percent. Following the earnings release, the company is down by 5 percent.

Google’s year-over-year ad-revenue stats are pretty strong; site revenues are up 21 percent to $10.47 billion, and network revenues are up 4 percent to $3.40 billion. Yet the company’s cost-per-click decreased “approximately 9 percent” from Q1 2013.

Like last quarter, Google continues to perform a balancing act between its ad business and future moonshots. Sure, the company may have self-driving cars and modular phones on the horizon, but the market will lash back at Google unless mobile search revenues continue to grow.

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Key to that growth is Google’s competition with Facebook on mobile and desktop advertising. Google leads Facebook in global digital ad spend, 32 percent to 5.8 percent, according to a report by eMarketer. Still, Facebook is a threat. Google today even started monetizing its social network competitor Google+.

Google lost $384 million from Motorola last quarter. The company is expected to complete the sale of Motorola Mobility to Lenovo this year.

For context: In Q1 2013, Google reported $11.58 EPS on revenue of $14.0 billion.