shares soar up, pass US$1,000 on strong earnings -
20th October 2013
YORK -- Shares of Internet search and advertising
titan Google soared more than 13 percent to pass the
US$1,000 mark for the first time Friday after a strong
earnings demonstrated that Google was smoothly building
its presence in the mobile area while advertising
earnings rose all around, with particular help from
Google's YouTube website.
volume growth accelerated to 26 percent year-on-year,
Morgan Stanley pointed out, showing that Google was
well on top of the evolution of the market beyond
personal computers to smartphones and tablets.
than struggling with a mobile transition, Google is
benefiting from increased screen fragmentation,
the broker said.
reported its earnings after trade closed Thursday.
shares soared beyond the US$1,000 barrier in early
trade Friday, topping US$1,015 before settling at
the close at US$1,011.41, up 13.8 percent for the
surge helped push the S&P 500 well beyond Thursday's
all-time closing high to a fresh record of 1,744.50,
up 0.7 percent for the day.
success helped pull shares of other tech firms up
as well, with social networking leader Facebook rising
3.8 percent, online retail power Amazon up 5.8 percent,
and Yahoo 2.0 percent.
they helped drive the Nasdaq Composite index to a
1.3-percent gain to 3,914.28, its highest level since
reported Thursday a 36 percent jump in its third-quarter
net profit to US$2.97 billion, or US$8.75, a share.
Revenues also beat forecasts with a 12 percent jump
said it was doing well in all areas of business, and
had proven its ability to build business on its Android
are closing in on our goal of a beautiful, simple,
and intuitive experience regardless of your device,
Google chief Larry Page told analysts.
Research Group warned of eventual erosion of the company's
still-healthy margins, but added: Longer term,
we remain optimistic about Google's continued success
as the leading seller of display-based media and ad
tech, and as the dominant provider of paid search
the US$1,011 mark, Google shares were up 43 percent
from the beginning of the year, and the company's
market value reached US$337 billion, still shy of
leader Apple's US$462 billion.
was the second company on the S&P 500 list to
top US$1,000. Online travel firm Priceline was the
first past the post in September, soaring to US$1,074;
it closed at US$1,048 Friday.