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"Advertisers aren't as willing to pay as much for advertising across a mobile format," said Scott Kessler, an analyst at S&P Capital IQ in New York. "We've seen the pricing continuing to decline."
"Expenses are rising faster than revenue, and for a company their size that's a problem," added Colin Gillis, an analyst at BGC Partners. "The fact that click pricing is declining so much means they still have work to do on mobile."
Google is not the first technology company to struggle with the rapid change in user habits. Facebook spent more than a year below its IPO value as it grappled with ways to make as much money out of mobile users as from those on PCs.
However, a record set of results earlier this week suggest that the social network has finally cracked the problem. It is not making more money from mobile advertising than it is from those viewed on desktops.
On Thursday night, Larry Page, Google's chief executive, said that the company had made "great progress across a wide range of product improvements and business goals".
The California technology giant has recently been ploughing cash into new technology such as its Google Glass eyewear and a hi-tech contact lens which could be used to detect changes in the glucose levels of diabetes patients.
Earlier this month, it also struck a $3.2bn deal for Nest Labs, a technology firm founded by the architects of Apple's iPod music player, and which specialises in "smart" gadgets, such as a thermostat which can learn its users' preferences.
"I'm very excited about improving people's lives even more with continued hard work on our user experiences," Mr Page said.
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