Google delivered quarterly earnings and revenue that fell short of analysts' expectations on Wednesday, as ad pricing continued to weaken. Shares dropped sharply.

The company posted first-quarter earnings excluding items of $6.27 per share, up from $6 a share in the year-earlier period. Revenue increased by 19 percent to $15.42 billion from $12.95 billion a year ago.

Analysts had expected the company to report earnings excluding items of $6.40 a share on $15.52 billion in revenue, according to a consensus estimate from Thomson Reuters.



After the earnings announcement, the company's shares fell more than 6 percent in after-hours trading. (Click here to get the latest quotes.)

The number of "paid clicks'' climbed by 26 percent year-on-year in the first quarter, while the average "cost per click'' generated from the ads dropped 9 percent from a year ago.