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Google is down more some 4% today on some disappointment around its earnings results.

This is presenting a good buying opportunity as long term growth story remains intact.

Tech giant will remain market leader in its space and it is cheap looking at its growth in earnings & revenues compared with overall market.

Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is trading down more than 4% in early trading on Thursday on an earnings report that missed on bottom line expectations while posting basically in line revenue numbers. I sold some just out of the money bull put spreads on the stock's decline earlier today. This will allow me to either pick up some nice premium income or secure a lower entry point to add to my existing equity position.

I have to say I agree with Jim Cramer who has been on CNBC touting Google as a solid long term play and one that should recapture today's losses within a few weeks if not sooner.

It is important to remind oneself that missing or significantly beating quarterly earnings estimates with astonishing regularity is part of this tech giant's DNA. In the last 13 quarters, Google has beat the consensus 5 times, missed it 4 times and met it four times. This is not a company that regularly beats earnings by a penny a share quarter after quarter.

Part of this is due to the fact that the advertising market is volatile. Part of it is that the company looks out and invests on a long term basis. Whether it is Google Glass, buying a unique terrestrial satellite play to deliver broadband to remote areas, laying fiber to cities to bring mega fast connections or getting into web services in a big way; this is a company that thinks three to five years out into the future.

That can make earnings lumpy. However the long term growth story firmly remains intact. This company made ~$2.50 a share in FY2005. Current consensus calls for Google to deliver over $32 a share of earnings in FY2015. Not a bad, if volatile, earnings story over a decade.

Despite now being a tech giant with a market capitalization north of $350B, Google is still showing revenue growth most members of the S&P 500 would kill for. Sales are still growing in the teens and should do so for many years to come given the exponential growth of mobile as well as more advertising moving online from offline sources.

Google is and will continue to be the dominant market leader in both online and mobile search as well as online/mobile advertising. Its YouTube business continues to grow by leaps and bounds as well. In addition, the company has more than $60B in net cash & marketable securities on the books. This represents more than 15% than its current market capitalization.

Earnings should continue to post 15% or better year-over-year gains and the shares go for under 17x FY2015's projected EPS with the stock's recent decline. This is less than the projected forward PE of Coca-Cola (NYSE:KO) in 2015 which is struggling to post any kind of earnings or revenue growth. Long term, adding shares on any significant pull back continues to seem like a no brainer. ACCUMULATE

Disclosure: I am long GOOG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.