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Google adds $60bn to market value as shares hit new high | Google adds $60bn to market value as shares hit new high |
(35 minutes later) | |
Google shares soared to an all-time on Friday with the tech giant adding about $60bn to its market value. | |
Google's shares closed 16.26% up as investors cheered profit figures that showed strong advertising growth on mobiles and its YouTube arm. | |
The rise took the company's market size to well above $400bn (£256bn), second only to Apple, valued at $745bn. | |
It means that Google co-founders Larry Page and Sergey Brin each made a paper profit of about $4bn in just one day. | |
On Thursday, after trading had 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 | 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 had 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. | 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. The stock eventually closed $97.84 higher at $699.62. | |
The rise helped the tech-rich Nasdaq index, on which Google is listed, close at a record high for the second consecutive session on Friday, ending up more than 0.9%. | |
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". |