CNBC's "Squawk Box" segment Friday morning to discuss what he views as "2 sides to Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s story" — both of which occur within the Google segment. Patel stated that it is hard to look at Google's earnings without looking at Samsung (SAMSUNG ELECTRONIC KRW5000,/strong> (OTC: SSNLF))'s earnings, which were "incredible" and driven by strong sales of its flagship phone, the Galaxy S7. This indicates that "Android side of the Google house is doing very well." Related Link: Alphabet Shares Still Cheap; Victor Anthony Raises Target To $990.

The other side of Google's story focuses on distributing and monetizing content. Alphabet's second=quarter print on Thursday reinforced the fact that Google owns two of the most "important icons" on a mobile phone.

"If you open a browser you are going to do a mobile search — Google is doing a great job of owning and monetizing mobile search," he said. "You are going to watch a video, Google obviously has a ton of challengers around YouTube... but they are still YouTube."

As a side note, Patel also stated that Alphabet's earnings also indicate that its enterprise business is "doing better."

A shares of Alphabet (GOOGL) were trading higher by 4 percent at $796.47, while C shares (GOOG) were up 3.61 percent at $772.82 at time of writing.