Investors will be looking to see whether Google has turned around the decline in cost-per-click revenue when the company reports earnings after the bell on Thursday.
Although paid clicks—or the number of people clicking through paid search ads—increased 26 percent year-over-year in the first quarter, the cost per click declined 9 percent for the same period.
"People are going to be very focused on CPCs [the amount an advertiser pays Google per user click] because it's an indication on how they are monetizing mobile. Monetizing that well is important in moving Google forward," said Shyam Patil, an analyst at Wedbush Securities.