Google closes over $1,000 for first time

Motorola Mobility's heavy losses appear to have had little effect on Google, as the company becomes the second tech stock ever to close above the $1,000 line.

Google stock closed above $1,000 for the first time on Friday, following better-than-expected third-quarter earnings. Screenshot by Seth Rosenblatt/CNET

It's a good day to be a Googler, or at least a Google stockholder, as the company closes the week in the exclusive club of $1,000 stocks.

The company added more value to its stock in the past day, $40 billion, than the entirety of Yahoo's value, $34 billion. Google shares leaped 13.82 percent from its previous close in Friday trading, closing at $1,011.99. The stock peaked at $1,014.63.

Google is the second tech stock to breach the psychological $1,000 barrier, following Priceline's ascension in September. Google's stock went public in 2004 at $85 per share.

There are only two publicly traded companies valued even higher. Warren Buffet's Berkshire Hathaway trades at $175,400, and meat processor Seaboard, currently valued at $2,827.98.

Google's stock surge comes on the news that it's beginning to find success in selling mobile ads, leading to better-than-expected revenue of $14.89 billion for the third quarter of 2013. What makes the news even more remarkable is that Google's Motorola Mobility remains a lead weight on the company's resources, sucking down $248 million in third-quarter operating losses.

Correction, 3:15 p.m. PT: An earlier version of this story miscalculated the day's gain due to the inclusion of the stock's Friday opening price. The opening price has been removed, and the percent increase remains the same.

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About the author

Senior writer Seth Rosenblatt covers Google and security for CNET News, with occasional forays into tech and pop culture. Formerly a CNET Reviews senior editor for software, he has written about nearly every category of software and app available.

 

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