Search giant Google Inc’s (GOOG) second quarter earnings and revenue beat Wall Street expectations.

For the quarter ending June 30, Google's net income rose 36 percent to $2.5 billion or $7.68 per share compared to $1.84 billion or $5.71 per share during the same period last year. Excluding one-time items, Google's earnings for the quarter were $8.74 a share.

Quarterly revenue rose 32 percent to $9 billion.

Analysts had expected earnings of $7.86 per share on revenue of $6.55 billion for the second quarter.

“We had a great quarter, with revenue up 32 percent year on year for a record breaking over $9 billion of revenue. I'm super excited about the amazing response to Google+ which lets you share just like in real life, Google's chief executive officer Larry Page said. Google+ now has over 10 million users.

Revenues from outside of the United States totaled $4.87 billion. Aggregate paid clicks increased 18 percent compared to same period last year but decreased compared to first quarter in 2011.

Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of Google AdSense partners, increased about 12 percent from last year and about 6 percent from first quarter in 2011.

However, Google's partner sites, which are part of Google's AdSense network and account for half of its revenues, showed a massive lag in growth, according to Tom Foremski, siliconvalleywatcher.com.

For the second quarter of 2011, Google-owned sites generated revenues of $6.23 billion or 69 percent of total revenues, which represents a 39 percent increase over second quarter 2010 revenues of $4.50 billion.

Meanwhile, Google's partner sites generated revenues of $2.48 billion or 28 percent of total revenues, which represents a 20 percent increase from same quarter last year.

Tom said this huge disparity between the growth rates of Google sites and partner sites is without precedent for most of its history. Google sites never exceeded the growth rate of partner sites in 2010.

But Google sites' growth jumped by 32 percent and its partner sites grew only 19 percent in the first quarter of 2011, while for the second quarter Google sites’ gained 39 percent its partner sites grew only 20 percent. This loss of growth parity with Google sites could cost Google partner sites more than $1 billion in lost revenues in 2011.

Google has not offered an explanation for the large difference in growth rates following a long period of parity.

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