Android is a multi-billion dollar bet on mobile OS Calico is a billion dollar bet on extending life ChromeOS is a multi-billion dollar bet on laptop/TV ChromeBrowser is a hundred-million dollar bet on browsing Google Glass is a multi-billion dollar bet on next gen devices Self driving cars are a multi-billion dollar bet on, well, self driving cars.
None of these, save perhaps Android, has any chance of driving material revenue to the business in the next five years. Most of the hardware bets Google makes are money losers because they routinely subsidize hardware.
When I was there, I launched two product features that each cost the company hundreds of millions of dollars and were visible on the earnings-per-share number in the quarterly revenues we reported to Wall Street.
The argument might stand on Google.com, where the number of ads has increased. But for the majority of products (Gmail, Drive, Spreadsheets, Docs, Keep, Maps, Calendar, Books, Finance, Music, etc), it's hard to justify a profit motive argument.