GOOG is taking a hit right now. As of this typing it is down 30points. So much so, it is getting me interested to start trading it again. I was waiting for a washout from the anti-trust pressure and new CEO. Looks like we are getting that now.
And, quite frankly, I wanted it to get cheaper. Even when cash was backed out, prior to this report, GOOG's PE was around 17.9. Not particularly inexpensive when factoring the macro changes of a new CEO, being under anti-trust scrutiny, not maximizing their cash position, search growth maturing and their growth businesses still on the cusp of being meaningful to the bottom line.
When I get a chance I will comb through the numbers.