Yesterday Google released its Q1 earning report, and to the disappointment of investors they did not blow it out of the water.  While reporting a boost in net revenue over the projected amount, Google reported an earnings per share of $8.08, $.05 less than the analyst’s projections.

Out of that report, however, Google announced impressive numbers regarding the growing Android App market.  Senior VP of Commerce and Local Jeff Huber said that there have now been over 3 billion Android apps installed.  He also noted that downloads of Android apps are up 50% compared to downloads in Q4 of 2010.

Huber also said that 350,000 Android devices are being activated per day.  Extrapolate that figure and you are looking at 10.5 million Androids activated per month and 126 million activated in a years time.  Thanks to PC World for alerting me to this cool little video Google made about Android activations.

Android app installations, while impressive, still lag behind Apple app installations.  Apple recently hit the 10 billion download mark.  Windows Phone apps are also growing in development, according to Microsoft, as they recently announced that their open developer tools for apps have been downloaded over 1.5 million times.

Helping this 3 billion installation number is the Amazon Appstore for Android, opened in March.  The Amazon Appstore doesn’t require users to be on an Android device to make purchases and also allows “test drives” of the apps on one’s computer.  After opening, Apple subsequently sued for the use of the “Appstore” name.

According to TechCrunch, here is what was said at the earnings call:

In the Q&A portion of the call, Huber said there are many exciting products and innovation coming along to the Android platform, but didn’t reveal any specifics. In the call, CFO Patrick Pichette commented that the Android platform is growing “amazingly blazing” and that Google stumbled into a billion dollar business with respect to Android and mobile.

There is however some additional bad news for Google today, as Google’s stock continues to dive this morning and a number of financial institutions have lowered their price targets.