Google CEO Larry Page said the company expects the performance of its mobile business to outpace other areas, such that mobile ads will eventually produce more profit than desktop computer ads. Page said that, for example, a mobile ad that allows a smartphone user to place a call to a business will naturally provide more value than an ad on a desktop computer, where users can't easily place calls.

"We're making a lot of investments in those areas," Page said of mobile. "We're moving more and more focus on that."

Page explained that Google plans to combine a number of its strategic investments--Android, Google Wallet and Google Offers, among others--to create a more effective mechanism for mobile users to obtain local information and for advertisers to target shoppers. He said the mobile ad market is similar to the desktop search market of 2003--meaning, there is plenty of room for growth.

Though Google didn't provide much in the way of hard figures for its mobile business during its first quarter report, Page did say that the company is currently registering 850,000 Android device activations per day. The figure comes as little surprise; comScore recently reported that Android smartphones now comprise 50 percent of the U.S. market.

On its mobile business specifically, Google said that during the first quarter the company launched a service that allowed marketers to link to a mobile app from inside their advertisement, thereby more closely linking the two mediums. Google also said it generated significant interest in its "go mobile" campaign for small businesses, which allows local merchants to easily create a mobile presence.

Interestingly, Page also addressed the market for tablets, where Google's Android platform remains a distant second to Apple's iOS-powered iPad. Indeed, one of the most popular Android tablets is Amazon's Kindle Fire, which doesn't make use of Google services like Gmail or Google Search. Page said Google expects continued growth on the tablet front, including on the low end. However, Page's comments on tablets were nowhere near as positive as those from Apple CEO Tim Cook, which has repeatedly predicted that sales of tablets will surpass sales of desktop and laptop computers.

During the first quarter, Google reported a companywide 24 percent year-over-year jump in revenues, to $10.65 billion in the quarter. The company's net income in the first quarter of 2012 clocked in at $2.89 billion, way up from the $1.80 billion it reported in the first quarter of 2011.

The company also announced a new class of stock that essentially creates a stock split. Such actions sometimes precede a major acquisition, but Google executives said the company doesn't have any usually big acquisitions planned.