On the online front, even though its cost-per-click -- what it earns from advertisers -- was down 16 percent. For the second quarter, its first including sales from Motorola Mobility, profit increased year over year by 11 percent to $2.79 billion. Costs-per-click in the mobile world so far have proved to be less than in the traditional PC world. But even so, Motorola brought in $1.25 billion in revenue, which totaled $12.21 billion. Even without Motorola, Google would have surpassed the $9.02 billion in revenue for the prior-year quarter.

In a generally down day for the markets, Google shares rose by $17.76 to $610.83 in Friday afternoon trading. U.S. exchanges were down after news that a Spanish region asked the Madrid government for financial aid, sparking new fears about Europe's economic crisis. Nasdaq computer stocks were down in aggregate by 0.94 percent.

Despite the economic headwinds, initial public offerings Friday from travel website Kayak Software and network security vendor Palo Alto Networks were doing well. Palo Alto was trading at $56.48 in afternoon trading, up 34.4 percent from its opening price. Kayak was trading at $33.99, up by 30 percent.

Next week, FaceBook, Motorola, Apple, and Texas Instruments continue the wave of earnings announcements.