"The thing to look at here—what might have the stock up—is that people might start to get some insight here that perhaps the company is going to get religious on controlling their expenses and start managing for profit margins, which I think people wanted to see for a long time," said David Garrity of GVA Research.
Google's advertising revenue has been pressured as more consumers access its online services on mobiles devices such as smartphones and tablets, where ad rates are typically lower.
Ad sales in the first quarter rose 11 percent year-over-year to $15.51 billion.
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The company, under increasing competition for mobile advertising dollars from rivals such as Facebook, tweaked its algorithm for mobile searches on Tuesday to favor sites that look good on smartphone screens.
"It's very evident that Facebook is taking share. The question is to what extent was Google engaging with them seriously," Garrity said.
Pichette denied that growth trends in Google's clicks and cost-per-clicks were "primarily" due to difficulties monetizing mobile search.
Omid Kordestani, Google's chief business officer, said on the call that the shift to mobile poses an important opportunity for the company, citing a figure that more than 8 in 10 smartphone users research a product they're about to buy while in stores.
"People expect to get exactly what they want when they want it," he said. "As a company built on intent and immediacy, that's good news for Google."
During their earnings webcast on Wednesday, Facebook executives also focused heavily on mobile opportunities.
As for another competitor, Google executives deferred an analyst question on Google Wallet versus Apple Pay to a discussion of the payment sphere opening to the wider public.
Earlier this week, the tech giant announced the launch of a new wireless service that will enable customers to pay only for the data they use and use Wi-Fi networks to curb data use and keep phone bills low.