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| Google adds $60bn to market value as shares hit new high | |
| (about 4 hours later) | |
| Google shares soared to all-time highs on Friday with the tech giant adding about $60bn to its market value. | |
| Google's shares were 16% up in afternoon trading as investors cheered profit figures that showed strong advertising growth on mobiles and its YouTube arm. | |
| The price rise took the company's market size well above $400bn (£256bn). | The price rise took the company's market size well above $400bn (£256bn). |
| The search giant's market capitalisation makes it second only to Apple, which is valued at $745bn. | The search giant's market capitalisation makes it second only to Apple, which is valued at $745bn. |
| On Thursday, after trading closed, Google reported that second-quarter net income was $3.93bn in the three months to end-June, up from $3.35bn for the quarter a year earlier. | On Thursday, after trading closed, Google reported that second-quarter net income was $3.93bn in the three months to end-June, up from $3.35bn for the quarter a year earlier. |
| The results ended six consecutive quarters in which Google's earnings fell short of analysts' targets | |
| Finance chief Ruth Porat highlighted the growth in mobile advertising and time people are spending streaming video's on YouTube. | Finance chief Ruth Porat highlighted the growth in mobile advertising and time people are spending streaming video's on YouTube. |
| She said YouTube has more than one billion users and that the number of people in the key 18-49 age group who watch its videos on mobile devices was greater than the number watching cable television. | She said YouTube has more than one billion users and that the number of people in the key 18-49 age group who watch its videos on mobile devices was greater than the number watching cable television. |
| Reuters reported that at least 27 broking firms raised their price targets for Google shares, with one predicting that the stock could rise as high as $800. | |
| As the market opened on Friday, Google added an instant $50bn as the shares jumped. In late afternoon trading the price was up $94.43 to $696.12. | |
| Deutsche Bank issued a research note on the profit figures called "Dawn of a New Era?" - adding that it "feels like it". | Deutsche Bank issued a research note on the profit figures called "Dawn of a New Era?" - adding that it "feels like it". |