Google races past Microsoft to number two tech firm

October 1st, 2012 in Technology / Business
Google soared past Microsoft in terms of market value Monday to become the second-richest firm in the tech world behind Apple.


Google soared past Microsoft in terms of market value Monday to become the second-richest firm in the tech world behind Apple.

Google soared past Microsoft in terms of market value Monday to become the second-richest firm in the tech world behind Apple.

Google shares gained 0.96 percent to end at $761.78, giving the a of $249.1 billion. Microsoft meanwhile fell 0.91 percent to $29.49, translating into a market worth of $247.2 billion.

Both remained well behind Apple, which shed 1.16 percent to $659.39, meaning its market cap is just above $618 billion.

Google's stock price has climbed steadily this year as the California-based company bolstered its positions in key Internet growth areas with its dominant search engine, Android mobile operating system and YouTube video venue.

The shares got a boost last week from a Citigroup note advising investors that the Google stock price could "rise significantly in the 12 months ahead."

A note Monday from Trip Chowdhry at Global Equities Research said both Google and Apple have "strong momentum" in the mobile Internet sector while "developer interest in is almost non-existent."

Chowdhry added that 's "innovation velocity far exceeds any other company."

Enthusiasm for Microsoft has been lukewarm, despite its upcoming launch of the Windows 8 operating system and a push into the tablet and phone markets.

(c) 2012 AFP

"Google races past Microsoft to number two tech firm." October 1st, 2012. http://phys.org/news/2012-10-google-microsoft-tech-firm.html