Google Inc (NASDAQ:GOOG)'s shares are down close to 9% after the tech giant mistakenly released its third quarter earnings around lunchtime. The company missed the Street's estimates quite significantly, as analysts were expecting it to reach EPS of $10.65 a share; Google Inc (NASDAQ:GOOG) reached just $9.03 a share. The miss of more than 15% comes after Google Inc (NASDAQ:GOOG) beat earnings estimates in Q1 and Q2 by an average margin of 2.3%.

The company, which has been in patent litigation with Vringo, Inc. (NYSEAMEX:VRNG) this week, realized a big loss from Motorola Mobility, which was acquired earlier this year. The segment generated an adjusted loss of over $151 million for Google Inc (NASDAQ:GOOG).

Due to the miss, Google's Q3 EPS is down more than 7% year-over-year. The company's stock currently trades at a modest PEG of 1.33 and a trailing P/E of 22.4X. Google's five-year historical average earnings multiple is nearly 25% higher at 30.0X, and the Internet content and information industry's average P/E is just over 28.0X. Check out our comprehensive database to see which hedge funds are holding Google Inc (NASDAQ:GOOG).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.