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Google announced its Q3 2013 earnings yesterday and beat the street’s estimates for earnings and revenue. Its stellar quarterly earnings caused its stock to surge, pushing it past the $1,000 amount. This is the first time Google’s stock has gone over $1,000, earning it a spot among only a handful of companies that have crossed this threshold.
Google’s stock has soared this year, rising 26% at the end of yesterday’s closing bell. It has been hovering in the $900 range in recent months, but a 10% jump today pushed it over the $1,000 barrier. It joins a select group of stocks like Priceline, Seaboard and Berkshire Hathaway that have passed this milestone.
The kicker than sent the stock upwards was an overall positive Q3 earnings report in which the company posted its best profit growth in more than a year. Google reported a 36% increase in Q3 profit and a 12% rise in revenue. Much of this boost is the result of strong ad sales that offset a slip in mobile advertising rates.
Google’s market cap is now in the $330 billion range, putting it in second place behind Apple in the technology field. It pole vaulted well ahead of Microsoft, which has a market cap of about $290 billion.
[Via WSJ]
