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Google Miss ‘About Mobile Shifting Quicker’: Pro

Following Google's earnings miss Thursday, "Fast Money" pro Joe Terranova admitted that his previous call on Google was wrong and highlights a warning sign for the company.

Noting that he had recently recommended Google over Apple, Terranova made a confession.

"I say Google, I'm wrong," he said. "I also told you that I thought Google monetizes mobile better than anyone else.

"If this is monetizing mobile better than anyone else, this is a big problem for the monetization of mobile.

(Read More: Google 'Better Than it Was 15 Minutes Ago': Baker)

And I think that's the story here. I think this is all about mobile shifting quicker."

Terranova also provided a counterpoint to the tempered reactions from analysts.

(Read More: Google Has the Same Mobile-Ad Problem as Facebook)

"It is owned by 88 percent institutionally, and I think the significant appreciation that it has had on this pullback, you're going to have the investment community defend the story," he said.

Trader disclosure: On Oct. 18, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long FB; Jon Najarian is long ALGN; Jon Najarian is long EBAY; Jon Najarian is long SNDK; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long SBUX; Joe Terranova is long NFLX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long COP; Joe Terranova is long SNDK; Joe Terranova is long NXPI; Joe Terranova is long EMC; Joe Terranova is short SU; Joe Terranova is short CSTR; Joe Terranova is short GS; Joe Terranova is short CHKP; Joe Terranova is short GLW; Dennis Gartman is long CS; Dennis Gartman is long AS; Dennis Gartman is long MAT-GAS; Dennis Gartman is long S&P; Dennis Gartman is long CMG; Dennis Gartman is short the euro; Dennis Gartman is short yen; Dennis Gartman is short 30 year bond; Dennis Gartman is short crude WTI; Dennis Gartman is short 10 year note.

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