What to Make of Google’s Earnings: Pro

From a long-term perspective, Google's quarterly earnings appear positive for the company's stock, Martin Pyykkonen of Wedge Partners said Thursday.

Revenue in the Internet giant's core business grew 22 percent to $9.99 billion, excluding traffic acquisition costs, from $8.14 billion a year earlier.

(Read More: Google Earnings Beat, but Revenue Misses)

On CNBC's "Fast Money," Pyykkonen said that Google's quarterly results suggest that mobile advertising was "really starting to work."

Shares of Google closed at $765.91, down 2 percent, jumping more than $11 in after-hours trading to the $777 level.

Pyykkonen said that the stock held opportunity.

"I still think it's favorable here," he said. "I think you've got a stock that's got a 15 to 20 percent top-line growth rate, stable margin, trading a little bit of a discount to that."

It might help investors to look at the company as more than a two-dimensional entity," Pyykkonen suggested.

"This is still viewed by most people as a tech stock as opposed to a media and entertainment stock, and it's trading at a discount to its growth rate," he added. "I think it looks attractive here if you get a long-term perspective."

Trader disclosure: On April 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is short FCX; Tim Seymour is long PEP; Jon Najarian is long GOOG CALLS; Jon Najarian is long CMG CALLS; Jon Najarian is long VXX CALLS; Jon Najarian is short GLD PUTS; Jon Najarian is long TXN PUTS.