Google shares soar past $1,000 on strong earnings

Oct 18, 2013
Google's headquarters in Mountain View, California on May 2, 2004

Shares of Internet search and advertising titan Google soared more than 13 percent to pass the $1,000 mark for the first time Friday after a strong earnings report.

After pushing to $1,007, an hour into trade, the shares had eased to around the $1,000 level, helping push the S&P 500 to a new all-time high and delivering the Nasdaq Composite to its highest level since September 2000.

After trade closed Thursday Google reported a 36 percent jump in its third-quarter net profit to $2.97 billion, or $8.75 a . Revenues also beat forecasts with a 12 percent jump year-on-year.

"We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device," Google chief Larry Page told analysts.

At the $1,000 mark, Google shares were up 41 percent from the beginning of the year, and the company's market value reached $334 billion, still shy of leader Apple's $461 billion.

Its success Friday helped pull shares of social networking leader Facebook up 4 percent, and online retail power Amazon up 2.8 percent.

Explore further: Nokia turnaround since handset unit sale continues

add to favorites email to friend print save as pdf

Related Stories

Google stock surges on profit, revenue gains (Update)

Oct 17, 2013

Google shares surged to a record high, close to $1,000, after quarterly earnings figures showed the Internet giant's profits are climbing despite a trend toward cheaper advertising on smartphones and tablets.

Facebook beats profit forecasts, revenue rises

Jul 24, 2013

Facebook surprised Wall Street with stronger-than-expected earnings for the second quarter Wednesday on a sharp rise in revenues, sparking a 16 percent jump in its share price in after-hours trade.

Google becomes online advertising king: study

Sep 19, 2012

Google has become the US market leader in online display ads, and now leads all categories for Internet advertising including search and mobile, a market research firm said Wednesday.

Tale of the tape: Google versus Facebook

May 17, 2012

Facebook is the hottest Internet company to hit the stock market since Google went public in 2004. The Silicon Valley companies, located seven miles apart, also happen to be locked in a bitter battle for Web surfers' allegiance ...

Recommended for you

Nokia turnaround since handset unit sale continues

52 minutes ago

Nokia appears to have turned around its fortunes after the sale of its ailing cellphone unit to Microsoft, reporting a third-quarter net profit of 747 million euros ($950 million), from a loss of 91 million euros a year earlier. ...

Yahoo CEO defends strategy in face of criticism

53 minutes ago

Signaling her reign has reached a pivotal juncture, Yahoo CEO Marissa Mayer is trying to convince restless shareholders that the long-struggling Internet company is heading in the right direction.

Sk Hynix logs all-time high Q3 earnings

1 hour ago

SK Hynix, the world's second-largest memory chip maker, reported Thursday a record high quarterly net profit for the three months to September on strong sales and currency earnings.

User comments : 0