"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."
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.
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