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Google shares rocket

By piranha

21st October 2013

On Friday, for the first time since it floated in August 2004, Google shares went past the $1000 (£617) mark, closing at $1011.4 – up a massive 122 points on the day.

The increase in prices came after Google reported better-than-expected earnings for the period from July to September. Figures announced on Thursday saw net profits jump by 36% to $2.9bn for the period and a 42% rise since the beginning of 2013. Google’s revenue also brought good news, beating forecasts with a year on year rise of 12%.

Google first floated in August 2004 and had a market value of $23bn – shares were priced at $85. Current market value is now around $334bn – an increase of over 1450%.

Larry Page, Google’s chief executive officer said “We are closing in on our goal of a beautiful, simple and intuitive experience regardless of your device”.

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