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Google today reported revenue of $8.58 billion for the first quarter, an increase of 27 percent compared to the same period last year. Meanwhile, its net income rose to $2.3 billion. But that wasn’t good enough for Wall Street. Shares of Google tanked in after hours trading, falling more than four percent.

Google’s non-GAAP earnings per share came in at $8.08, but analysts had expected $8.13, according to StreetInsider. That sent shares down more than $24 in after hours trading, trading at about $550.

Google continues to invest heavily in new products, and the company today said that it plans to make significant capital expenditures in the future.

It certainly has plenty of cash on hand to do, reporting $36.7 billion in cash, cash equivalents  and marketable securities at the end of the quarter. Google also employed 26,316 people at the end of March, up from 24,400 full timers at the end of December.

Alley Insider notes that it was a solid quarter, and that Google remains “robustly healthy.”  However, they wonder what Google is spending all of their money on, pointing out the $890 million capital expenditures for the quarter. (The company notes in the press release that it spent money on data centers, servers and networking equipment).

A Webcast of the earnings call begins at 1:30 p.m.

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