It’s the end of Quarter Two and now it’s time for all the major companies to release their earnings. Google had a particularly strong Q2 that was propelled by their acquisition of Motorola Mobility and an increase in ad revenue.

“Google standalone had a strong quarter with 21% year-on-year revenue growth, and we launched a bunch of exciting new products at I/O – in particular the Nexus 7 tablet, which has received rave reviews,” said Larry Page, CEO of Google. “This quarter is also special because Motorola is now part of the Google family, and we’re excited about the potential to build great devices for users.”

Google reported $12.21 billion for Q2 which is a 35% increase over Q2 2011. Google’s GAAP operating income was $3.20 billion, or 26 percent of revenues. The company’s non-GAAP operating income for Q2 was $3.95 billion. GAAP net income in Q2 was $2.79 billion while non-GAAP net income was $3.35 billion.

As for individual revenues, Google pulled in $10.96 billion in advertising and other Google revenues in Q2, representing a 21 percent increase over Q2 from last year. Google-owned sites generated a respectable $7.54 billion in Q2 while Google’s partner sites generated $5.96 billion.

The foreign exchange hurt Google somewhat, but not as badly as others. The company notes that it would not have lost $68 million if foreign exchange rates stayed constant throughout the quarter. Revenues from the UK totaled $1.18 billion representing the same percentage of revenues that came from the UK in Q2 2011.

Paid clicks increased approximately 42 percent over the second quarter of 2011 and one percent increase over Q1 2012. Cost-per-click increased approximately 16 percent over Q2 2011 and one percent over Q1 2012.

Motorola revenues were $1.25 billion in Q2 with most of it coming from the mobile segment. The home segment still brought in a respectable $407 million.

Operating expenses were $4 billion in Q2 compared to $2.97 billion in Q2 2011. The percentage of revenues stayed the same across both quarters.

Google’s operating income as a whole was at $2.88 billion, but Motorola contributed an operating loss of $233 million.

Google has $43.1 billion in cash. The Motorola acquisition has added 20,000 more employees to the headcount, but Google itself lost a little over 1,000 employees since Q2 2011.