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Google Focuses on Innovation, Not Stock Price: Exec

Nikesh Arora
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Nikesh Arora

Google is not just a search giant anymore.

The company's push into a variety of different ventures have made it a force to be reckoned with in the tech industry, says Nikesh Arora, Google's chief business officer.

(Read More: Sell Apple, Buy Google—The Next Great Rotation? )

"I no longer get asked if we are a single trick pony, because we have all these exciting things going on," Arora told CNBC's "Closing Bell" on Wednesday.

"I think we are at a very exciting point in technology with the tremendous leaps that we are seeing in hardware — the tremendous amount of opportunity you are seeing in almost everything coming online — whether it's video, or all the different things that people do and I think it's fascinating that the last wave of technology allows you to create the next wave of technology," he said.

Whether it's new hardware products like Google Glasses or Chromebooks, or the company's other business such as advertising, YouTube, and or mobile, the company has built an empire of products and services that bode well for the company, as well as investors.

(Read More: Google Launching Delivery Service to Take on Amazon)

Google's stock soared to an all-time high on Wednesday at $831.38.

Arora said he doesn't really think about what the company's stock is doing.

"I don't pay attention to our stock price. I used to do that for a living and I decided to stop paying attention," he said.

Instead, he is focused on staying ahead of the latest technologies and on improving Google's current products and services.

"We want to stay relevant in our existing products, that means we have to innovate twice as fast in areas like search, areas like YouTube and areas where people use our services," Arora said.

"You have to make sure we don't miss the next trick. We have to make sure that as consumers keep adapting new technology, new ideas, we have to be there in the forefront. ... And I think we have to keep doing interesting things to change the world," he added.

Even though the company continues to evolve, the core of its revenue still comes from advertising.

Arora said that most advertising revenue still comes from the mature markets, but growth in developing countries is picking up as web access continues to grow.

(Read More: Google Controls Too Much of China's Smartphone Sector: Ministry)

"We should not take away from the fact that there are lots of parts of the world where the Internet is still a huge growth phenomenon, a lot more people are coming on to the Internet, there are lots of business coming on to the Internet," he said. "It's a balance between strong revenue and mature markets and growth of more users on the web, more business on the web, causing more and more advertising to come on."

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