Google hasn't stopped announcing refinements to technology, new products, or partnerships. In fact, the pace seems to have picked up of late, with the launch of the online payment service Google Checkout, renewed attention to the company's video sharing site and media deals with Viacom Inc. and News Corp.

So why aren't investors saying, "Wow?"

"There's a big difference between today and last year. People are very focused on the core business," said Benjamin Schachter, an Internet analyst for UBS. Last year, he said, people were willing to pay for the possibility of what will happen. Now, they're much more skeptical about how, and when, a new product will bring in revenue.

But investors who penalize Google for taking so long to hit another home run are misguided, according to Troy Mastin, an analyst for William Blair & Co.

"Google is being overly criticized for not really monetizing newer initiatives," he said, but noted that it took years from the launch of the search engine for the company to start realizing any significant revenue.

Numbers from Hitwise, a New York-based Internet research firm, show that few of Google's non-search products have gained much traction. Out of all the Google sites, the Google.com domain accounted for 79 percent of visits last week. The next-most visited part of Google was Google Images, which racked up about 8 percent of traffic. Google Video, which got a boost from its new plum spot on the Google home page, still accounted for only 1.5 percent of visits.

Where do Google-watchers think the company will find its next winner?

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