Google has just released its Q2 2014 earnings, where revenues hit $16 billion, up 22 percent from the year previous. Operating income was $4.26 billion, 27 percent of revenues, up from $3.47 billion the year earlier. Net income was $3.42 billion in the end, up just slightly from Q2 2013. Earnings Per Share (EPS) came in at $4.99, up from $4.77. This all compares to the previous quarter, where Google posted revenues of $15.4 billion and profit of $4.12 billion (27 percent of revenues).

Google sites generated $10.94 billion of the company's total revenues, a 23 percent increase over Q2 2013, while partner sites accounted for $3.42 billion of revenues. Paid clicks for ads increased 25 percent over the last year, and cost-per-click was down approximately 6 percent in the same period.

Google also announced along with earnings that the number of employees at the company has increased to 52,069 (48,584 in Google and 3,485 in Motorola Mobile), up pretty notably from 49,829 (46,170 in Google and 3,659 in Motorola Mobile) as of March 31st of this year.

There is also one big change in the executive team of Google, as Chief Business Officer Nikesh Arora (who we often hear from on these earnings calls) will be leaving Google after 10 years with the company. Arora will be joining SoftBank as Vice Chairman of the company, as well as take the title of CEO of SoftBank Internet and Media. Omid Kordestani will be stepping in to take Arora's place "for now" according to the release.

We'll be bringing you all of the news from Google's earnings call, which begins at 1:30 p.m. PT / 4:30 p.m. ET.

Source: Google; +Larry Page