Google's Earning Miss, an Opportunity For You?

As I came home today and turned on my favorite channel (CNBC) I first beheld the DOW closing above, or more exactly at 14,000, and thought "uhm, how bullish", my next observation was not as promising, as I watched the GOOG ticker followed by a red 39.40.
My heart dropped. I immediately checked the Dow Jones News to find out why my favorite stock was taking a 7% dip after hours.
As I remember, there was a couple of things that scared investors last quarter, one being the fear of rising expenses, and the other, the fear Google could not grow it's revenues fast enough anymore to justify this kind of PE. These two worries seem to have been put to rest for the time being, as traffic acquisition costs declined to 30% from 31%, and revenue came in for the quarter at $2.72 billion when analyst were expecting $2.68 billion.
Unfortunately, earnings came in at $3.56 a share compare to the expected $3.59, but since we are used to see Google's earnings beat the street expectations like a pinata, investor disappointment is high.
Time has taught us that any dip in price for Google share is usually a buying opportunity, but if CEO Eric E. Schmidt doesn't turn his recent acquisitions into earnings this company is going to have a hard time growing at the speed they have been in the past few years.