Google Seeks a Spark

"In our view, the recent launch of MyMaps and Google's superior local search capabilities bode well for its position once transmission rates are improved by technological advancement," Stifel Nicolaus analyst Scott Devitt wrote in a research note on Tuesday.

Google also continues its push into more traditional media markets like radio and television, announcing partnerships with broadcaster Clear Channel(CCO Quote - Cramer on CCO - Stock Picks) and satellite TV company EchoStar(DISH Quote - Cramer on DISH - Stock Picks). By serving ads in multiple markets, Google hopes to create a one-stop shop for advertisers.

Despite these major ambitions, Google still derives the overwhelming majority of its revenue from search advertising. Investors have come to expect strong performances from Google in that market -- and they'll be doing the same on Thursday.

But they'll also be listening closely for when they can expect one of these myriad new projects to start making a real impact on the company's bottom line. And traders will likely have less patience for well-meaning products that don't help financially than they did a quarter ago.

For the first quarter, analysts surveyed by Thomson/First Call are expecting earnings of $3.30 a share on revenue of $2.49 billion. For the year, analysts forecast earnings of $14.33 on revenue of $11.16 billion.