Google stock surges to new record above $900

May 15, 2013
An attendee uses a computer to sign in for the Google I/O developers conference on May 15, 2013 in San Francisco, California. Google shares leapt to a new all-time high Wednesday, topping $900 for the first time, as the Internet giant opened its developers' conference and reports said new services were planned.

Google shares leapt to a new all-time high Wednesday, topping $900 for the first time, as the Internet giant opened its developers' conference and reports said new services were planned.

At 1510 GMT, was up 2.5 percent at $909.43, bringing its gains for the year to nearly 30 percent.

The rise gave Google a market value of more than $300 billion. That is still below the value of Apple, worth more than $400 billion at current share values, but the two companies have been moving in opposite directions.

Google was opening its developers' conference in San Francisco on Wednesday, "and we think investors should expect lots of news and product announcements," said analyst Brian Pitz at Jefferies.

Some reports said Google was set to launch a music subscription service, and others said a new version of was to be unveiled.

"Expect to hear a lot of noise on new search products like Google Now and voice search integration," Pitz said.

"We expect Google will announce a hub for Android (akin to Apple's Game Center for iOS), which will allow in-game chat, matchmaking, and cloud save syncing, with Google+ almost certainly serving as a social backbone."

Last week, Google's YouTube unveiled its first paid subscription channels in a long-anticipated move to challenge streaming services like Netflix.

Scott Devitt at Morgan Stanley said in a research note Wednesday that YouTube could become a big money-maker.

If it is able to capture some six percent of television ad revenues, " may generate gross revenue of $20 billion and operating income of $5 billion," the analyst said.

Explore further: Jury says Silicon Valley firm did not discriminate (Update)

add to favorites email to friend print save as pdf

Related Stories

Google poised to show off latest devices, services

May 15, 2013

Google is expected to use its annual software developers' conference to showcase the latest mobile devices running on its Android software, while also unveiling other features in its evolving product line-up.

Recommended for you

Intel in talks with Altera on tie-up

Mar 27, 2015

US tech giant Intel is in talks with rival Altera on a tie-up to broaden the chipmaker's product line amid growth in Internet-connected devices, the Wall Street Journal reported Friday.

Apple chief Cook to give his wealth away: Fortune

Mar 27, 2015

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

Mar 27, 2015

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.