Google Inc's net revenue jumped more than 27 percent in the fourth quarter but fell short of Wall Street targets, sending shares down sharply in after hours trading on Thursday.

No.1 Internet search engine said on Thursday that it earned $2.71 billion, or $8.22 per share in the fourth quarter, compared to $2.54 billion, or $7.81 per share in the year-ago period.

Excluding certain items, Google said it earned $9.50 per share.

Google's net revenue, which excludes fees shared with partner websites, was $8.13 billion in the fourth quarter, versus $6.37 billion in the year-ago period. Analysts polled by Thomson Reuters I/B/E/S were looking for net revenue of $8.4 billion.

Shares of Google were down 10 percent at $575 in after-hours trading on Thursday.

(Corrects Q4 Adjusted EPS to $9.50)