Google dip ‘a short-term bump’?

It's time to take a long-term view of Google stock, Darren Chervitz of Jacob Asset Management said Friday.

"Tough to do on a day like today, but I think investors need to keep their cool a little bit," he said.

"I mean, it was certainly a miss, and there were some partially disconcerting things about the quarter, but I think the biggest shortfall or surprise in the quarter was their cost-per-click number, the price that advertisers are paying for searches."

Shares of Google traded at $894.26 midday, down 1.8 percent.

(Read more: 'Not the time to bail,' Pete Najarian says)

On CNBC's "Fast Money," Chervitz said that he was surprised by Google's quarterly earnings report.

"I expected it to continue to do better than it's done in the past couple of quarters, and it took a step down," he said. "It was a surprise to be because they announced a few months ago a new program called 'Enhanced Campaign' studies."

(Read more: Google stock to top $1,000, pro says)

Chervitz said that his research showed that the program tended to command a higher CPC rate, adding that investors with a longer-term time horizon should expect to see improvement over the next three to six months.

The pullback in Google's stock price "makes some sense," he added. "If this continues, I do believe that this is more of a short-term bump."

Chervitz also said that mobile would improve the bottom line for Google, as well as for Facebook.

(Read more: Microsoft 'on the wrong side of the market': Dan Niles)

"Right now, the story isn't particularly positive," he said. "Clicks on your mobile devices are worth less."

But mobile's growth in commerce, interaction and immediacy would lead to better monetization, Chervitz added.

Facebook stock traded at $26 per share midday, down 0.67 percent.

"I think it's another good buy here," Chervitz added.

Trader disclosure: On July 19, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long JPM; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long GE; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long BBRY; Pete Najarian is long EEM; Simon Baker is long AAPL; Simon Baker is long JPM; Simon Baker is long CSCO; Simon Baker is long YHOO; Simon Baker is long THC; Simon Baker is long SLB; Simon Baker is long GOOG; Simon Baker is long NFLX; Simon Baker is long GE; Simon Baker is long AMD; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long CYH; As of 7/12 Jon Najarian is long AAPL; Jon Najarian is long JPM; Jon Najarian is long GDX overwrite calls; Jon Najarian is long FB; Jon Najarian is long MSFT ; Jon Najarian is long BAC; Jon Najarian is long SPRD; Jon Najarian is long NOK; Jon Najarian is long COP; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is short EEM thru puts; Jon Najarian is short GLD puts.