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Google has a great (perpetual?) cash cow from advertising. That's what allows it to pursue all these other ventures.

But, does it have the right leadership? Maybe Stanford PhD's aren't the right people to make decisions about social products?

Also, Google appears to be the antithesis of the Steve Jobs idea of "focus is about saying no". They flail around doing all sorts of random stuff without any rhyme or reason. Granted, they are willing to "fail fast" and walk away from a lot of stuff they shouldn't have done in the first place.

I think Google is still in need of "adult supervision". But not too many people are able to say "NO" to multi-billionaire founders with voting control of the company. We'll see how their recent CFO hire works out. Wall Street is hoping she will help them focus more on making money and less on wild tangents.