I think forward earnings estimates have been less acurate than using last 12 months. If those figures are correct - it gives google a trailing p/e of 60. Either way it would be pretty high.
However, the earnings listed in that article are guesses. We will learn more soon enough. Looks like those that speculated on the April date may be right.
Just to make sure people get the difference. Google would be selling about 1/3 of the company for ~$5 billion. This doesn't mean the company would have a market cap of $5B - you have to take into account the other two thirds.