Google released its earnings for the 2nd Quarter ending June 30, 2010 (2Q) last night after the market closed and uncharacteristically missed Wall Street’s profit estimates, blaming a spike in expenses which offset a 24% revenue jump.

Here are the highlights of the earnings report:

Google reported revenues of $6.82 billion for 2Q 2010, an increase of 24% compared to the 2Q of 2009.

Net income in the 2Q of 2010 was $1.84 billion, compared to $1.48 billion in the 2Q of 2009.

Earning Per Share in the 2Q were $6.45, compared to $5.36 in the 2Q of 2009, but below Wall Street Estimates of $6.52.

Google-owned sites generated revenues of $4.50 billion, or 66% of total revenues, in the second quarter of 2010, representing a 23% increase over 2Q 2009 revenues of $3.65 billion.

Google’s partner sites generated revenues, through AdSense programs, of $2.06 billion, or 30% of total revenues, in the second quarter of 2010. This represents a 23% increase from second quarter 2009 network revenues of $1.68 billion.

Revenues from outside of the United States totaled $3.53 billion, representing 52% of total revenues in the second quarter of 2010, compared to 53% in the first quarter of 2010 and 53% in the second quarter of 2009.

Paid Clicks – Aggregate paid clicks, increased approximately 15% over the 2Q 2009 but decreased approximately 3% over the 1Q 2010.

Cost-Per-Click – Average cost-per-click, increased approximately 4% over 2Q 2009 and increased approximately 2% over the 1Q 2010.

TAC – Traffic Acquisition Costs, the portion of revenues shared with Google’s partners, increased to $1.73 billion in the second quarter of 2010, compared to TAC of $1.45 billion in the second quarter of 2009. TAC as a percentage of advertising revenues was 26% in the second quarter of 2010, compared to 27% in the second quarter of 2009.

The majority of TAC is related to amounts ultimately paid to our AdSense partners, which totaled $1.46 billion in the second quarter of 2010. TAC also includes amounts ultimately paid to certain distribution partners and others who direct traffic to our website, which totaled $269 million in the second quarter of 2010.

Other Cost of Revenues – Other cost of revenues, which is comprised primarily of data center operational expenses, amortization of intangible assets, content acquisition costs as well as credit card processing charges, increased to $735 million, or 11% of revenues, in the second quarter of 2010, compared to $655 million, or 12% of revenues, in the second quarter of 2009.

Operating Expenses – Operating expenses, other than cost of revenues, were $1.99 billion in the second quarter of 2010, or 29% of revenues, compared to $1.54 billion in the second quarter of 2009, or 28% of revenues.

Cash – As of June 30, 2010, cash, cash equivalents, and short-term marketable securities were $30.1 billion compared to $26.5 billion at March 31, 2010.

Google, added 1,184 employees to its payroll during the second quarter for a total of 21,805.

“Google has beaten Wall Street revenue expectations in five of the past seven quarters and exceeded profit estimates in each of the past seven.

Net revenue, which excludes costs that Google shares with website partners, was $5.09 billion, above the $4.98 billion expected by analysts polled by Thomson Reuters I/B/E/S.

Shares in Google fell 4.5%to $472.00 after the report was released after closing at $494.02 on Nasdaq.

The stock is down roughly 22% from its 52-week high of $629.51, though shares have risen more than 13 % from an intraday low of $433.63 earlier this month.