INTERNET GIANT Google has reached an important milestone, as its stock price topped $1,000 per share on Friday.
Following Google's better than expected quarterly results released earlier, the market responded with a 12.66 percent jump in its share price, taking it to $1,001.31 at 10:20 EDT, with the price continuing to rise through the morning.
This move has escalated Google to be the third highest valued company in the world, only eclipsed by Apple and oil giant Exxonmobil. It is widely expected that Google will break another barrier shortly by owning one third of the online marketing sector.
This morning's results that fueled the share surge revealed a 23 percent rise in mobile and video advertising that excited the markets. With more than a billion activations of its Android mobile operating system in Google's pocket, and 1.5 million being added each day, opportunities for generating revenue through the Google Play Store, along with $4bn in revenue from Youtube advertising, have contributed to a 38 percent year on year increase in its share price.
Google's challenge now will be to remain "not evil" despite all this power. Maybe we could be allowed to skip Youtube adverts just a little bit sooner?
Of course one share in Google could go a long way. For one share, you could buy almost three Nexus 5 phones, if the accidental revelation on the Play Store is to be believed. Alternatively, if you're feeling charitable, you could buy 24 goats for a poor family in Africa. µ
Sign up for INQbot – a weekly roundup of the best from the INQ