Code Conference

Big money ideas? Google still a 1 trick pony: Pro

VIDEO3:2403:24 me the money: Expert

"Show me the money" on innovation. That's what tech analyst Daniel Ernst said he wants to see from Google.

Google co-founder Sergey Brin touted the company's latest and greatest futuristic projects at the Code Conference on Tuesday—including a big extension of the self-driving car program.

But with all this gee-whiz talk, Google has yet to really make money on anything beyond search, Ernst said Wednesday in an interview on CNBC's "Squawk Box."

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For example, Google's Android mobile operating system has been a "great success" from an adoption standpoint, the Hudson Square Research principal said in the CNBC interview. "But their monetization there is actually in search."

"The core engine of profits … is still search," Ernst continued. "They actually haven't been successful in branching out beyond that."

By contrast, he said, Apple has had success in multiple money-making areas. "They did the computer. They did the iPhone. They did the iTunes and iPod and the tablet."

While expecting only anemic growth this year, Ernst said Apple, with a price-to-earnings multiple of 13, has the "most opportunity to surprise" on its stock.

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Google stock, at 21 times earnings with 19 percent earnings growth this year, is "probably fairly valued."

Disclosure: Re/code is the sponsor of the Code Conference. CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

—By CNBC's Matthew J. Belvedere