It's true that Google (just took some example to check) is spending more money on investments than they are earning back right now. But they have an enormous pile of money still.
Google spent 45 billion on infrastructure investments in Q2 and they made 41 billion in profits. So they made a loss of 4 billion that quarter.
But since they have 242 billion in available money, it really isnt a big deal. It's pretty much the same as you or me spending more money that we earn in our monthly salary, and take it from our savings.
But sure, I can see how it makes people nervous.