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Google I/O: What investors will want to hear

Google co-founder and CEO Larry Page
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Google co-founder and CEO Larry Page

From wearables to home automation, Google will have plenty to talk about when its annual developer conference kicks off on Wednesday.

What investors will be looking for is an explanation of how the company plans to turn all of its moonshot projects into profits.

"For investors it will be more about the big picture. Investors are concerned Google has been throwing a lot of money after hardware projects and initiatives where there's no clear return objective or timing of return," said Victor Anthony, an analyst at Topeka Capital Markets.

Google certainly has no shortage of lofty endeavors. The company's in-house projects range from its driverless cars, to Google Glass to its push into the connected home with its purchase of Nest. It also seeks to expand the reach of its Android operating system.

Earlier this year Google rolled out Android Wear, which is its software platform for wearable devices. It's expected that several smartwatches using the software will be shown off at the event, including watches from Samsung, LG and Motorola.

Read More Ahead of I/O, Google Reveals More Details Around Android Wearables

In January, Google also launched its Open Automotive Alliance, a program that aims to integrate Android into automobiles. So far General Motors, Honda and Audi are part of the alliance. And it appears that Google's push into the car will be a direct competitor with Apple's Car Play, analysts say.

It's also been speculated that the company is reinventing its TV strategy and may introduce Android TV soon. This would replace its failed Google TV.

All of these projects are Google's way of better leveraging the Android operating system to bring people into its ecosystem, Anthony said.

"This is all part of a broader opportunity that Google is seeking," he said. "If they are able to articulate that, that will go a long way to pacify skeptical investors on the stock, and there are many now."

Read More Google's secretive updates leave small sites scrambling

In order for Google to win over investors, it must first win over developers because they are the ones who build the apps for the Android ecosystem, said Carolina Milanesi, chief of research at Kantar WorldPanel.

"Now more than ever Google is trying to charm developers and keep them in their ecosystem. Their success is heavily dependent on them," Milanesi said.

Developers not only have to choose what ecosystems they will build for; they also have to choose between platforms—like wearables or mobile—within those systems, Milanesi said.

There's speculation Google may address this by introducing a new framework for developers that would enable them to build a product only once, and have it be compatible across many platforms, said Jeffrey Hammond, a Forrester analyst. According to reports, the code name for this new tool is "Quantum Paper."

Tools like this could help Google attract and keep developers, as well as investors, in the long run, Milanesi said.

"For developers the question is always. 'Where should I place my bet? Do I focus on building for Android, the driverless car, wearables?' Google will need to get them to see that it's not a question of picking and choosing, but how they all work together and help them see the vision and decide where to focus," Milanesi said.

"Investors and developers alike will be looking to understand what the opportunity is and how they are going to make money off of it."

By CNBC's Cadie Thompson

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