Well, I mean people couldn't seriously think that the majority of the profit were made by the Pixel phones, surely. Or at least I hope that's not what people think.
Google's hardware business is doing well from speakers & Chromecast.
https://www.forbes.com/sites/johnko...-amazon-for-smart-speaker-crown/#70eaa5e6508c
Again, I wouldn't be surprised if Google were losing money on the Pixel, but are able to recoup the losses from the gains in their speakers/Cast/Nest etc.
Maybe that'll change in the future and the Pixel line of devices become huge profit drivers, but as of right now, this ain't it, chief.