That's true I suppose. But it still means that any products and services Google actually sells still accounts for about $200mil/yr and about $100mil/yr of that is purely Google Apps for businesses.
That means,
Google Earth Enterprise Geospatial Servers + Google Earth Pro + Google Products/Checkout (minus advertising revenue from that) + Google Appliances + Google Sketchup Pro + More Picassa Space + Google Voice long distance service fees + whatever else all account for $100mil/yr in revenue. Those aren't ad supported services and nearly all of those were acquisitions.
Google Appliances should be a multi-billion dollar/yr business, supplanting everything from document and content management systems, to Sharepoint, to many types of traditional Oracle installations, yet we know that it's entire business sits at under $100mil/yr. Let's be generous, and in a flight of fancy say it sits at $90mil/yr, that means that all the rest of those products would have to do less than $10mil/yr.
Too much you say! Google voice Long Distance has to do something in the neighborhood of $5mil/yr! And I know personally of at least a dozen or so Google Earth Enterprise Server Installs, at ~$20k a pop (or whatever the pricing is), that's not a whole lot of money. ESRI has a similar business at just under $.75 billion/yr. Assuming there are quite a few more installs than I personally know about, let's say all added up, $2mil/yr in geospatial products (that's about 10x the value of what I've personally seen so I feel I'm being pretty generous here). So the Appliance business couldn't possibly be that "big".
In other words, no matter how you mix the numbers, the performance of these offerings is not very good. I'm currently working in a startup, and we're doing numbers like this and we're considered very under-performing by our investors right now. It would rankle me in all kinds of ways were I in google management that these products are not each at least $20-30mil/yr interests and one or two of them should be $billion+/yr interests.
Again, don't get me wrong, I love Google and their products and services. I probably use most of what I just listed here at least 2-3x a week. But Google is an advertising agency that uses a novel distribution channel for it's advertising clients. It's not really much of a products company in the same way Microsoft of Apple is. Google should be analyzed more in terms of comparison to other ad channels and agencies not in terms of direct competition with technology vendors. This is the flaw analysts, users, employees and competitors make.