As of this writing, Class A shares of Google were down 2.12% to $502.25 per share

Google released the earnings results from its most recently completed quarter tonight, posting adjusted earnings of $6.88 per share on revenue of $18.1 billion, a 15% increase. Analysts had been expecting the search giant to report earnings of $7.12 per share on $14.45 billion in revenue.

Google Inc Has Big Miss On Earnings

Key metrics from Google’s earnings report

For the full year, Google posted revenue of $66 billion, a 19% increase year over year.

GAAP net income for the fourth quarter was $4.76 billion or $6.91 per share. That includes results from Google’s discontinued operations, which was the Motorola Mobility division. That’s compared to 2013’s $3.38 billion or $4.95 per share. GAAP operating income was 24% of revenues or $4.4 billion, compared to last year’s $4.32 billion or 28% or revenue. Non-GAAP operating income was $5.6 billion or 31% of revenue, compared to last year’s $5.3 billion or 34% of revenues.

Google closed the sale of Motorola Mobility to Lenovo on Oct. 29.

Google’s earnings by segment

Sites revenues rose 18% to $12.43 billion, making up 69% of Google’s total revenues. Network revenues rose 6% year over year to $3.72 billion, making up 20% of total revenue. Other revenues made up the remaining 11% and rose 19% to $1.95 billion for the quarter. The search giant saw 56% of its revenues from outside the U.S.

Google reported a 14% increase in paid clicks in the quarter. Sites paid clicks rose 25%. Cost per click fell 3% year over year and 3% quarter over quarter. Cost per click for Google Sites fell 8%. Network cost per click rose 6%.

Traffic acquisition costs during the quarter were 22% or ad revenues or $3.62 billion, compared to $3.31 billion and 24% of revenues in the same quarter a year ago. Other cost of revenues rose to $3.3 billion or 18% of revenues. Operating expenses rose from $5.03 billion in 2013’s fourth quarter to $6.78 billion in 2014’s fourth quarter. Expenses were 37% of revenues, compared to 32% of revenues in the same quarter a year ago.