Google's first-quarter earnings came in below analyst projections as the Internet search leader sped up hiring, driving up its costs.

The results released Thursday may heighten investor fears that Google's earnings might suffer because of the company's commitment to hire at least 6,200 workers this year. That would be the most in Google's 13-year history.

The company earned $2.3 billion, or $7.04 per share, in the period ending in March. That was an 18 percent increase from nearly $2 billion, or $6.06 per share, last year.

If not for expenses covering employee stock compensation, Google said it would have earned $8.08 per share. That was below the average estimate of $8.11 per share among analysts surveyed by FactSet.

Revenue was nearly $8.6 billion, a 27 percent increase from last year.

Google Inc. (NASDAQ: GOOG) will be reporting its Q4 numbers tomorrow afternoon once the market closes. With its stock well off its $700+ peak, PC sales slowing, and Google ditching low-performing products, all eyes will be on the search leader. Just how much are customers not clicking on Google-supplied advertising? We're about to find out.

Will Google be able to meet expectations of $4.23 per share? The company has had very few financial missteps since going public in August 2004, but even the mighty global search leader is not immune to an ongoing global recession and financial meltdown. It's true that Google has a ton of cash and very little debt, and its positioned to ride out the current malaise pretty easily. That still doesn't mean it will make the killing some pundits think it will tomorrow. Expect Google to miss estimates by at least a few pennies.

The problem with Google's share price is that it's still too high. The company has solid fundamentals and continues taking market share away from the competition. In other words, it is not going anywhere. But, that does not mean market sentiment will allow its share price to pop over the $300 mark anytime soon, unless is really brings a surprise EPS figure a little over 24 hours from now.