Google's stock hits all-time high after strong earnings

Shares in the search giant opened at $979 and, by midmorning, crossed the $1,000-a-share psychological barrier.

James Martin/CNET

Google has won itself some new fans on Wall Street.

The Internet search giant on Thursday posted third-quarter results that topped expectations amid continued strength in its key search business. Investors must have liked that, and liked it a lot, because shares opened with a jump of more than 10 percent at an all-time high of $979 (and rising) after trading around that level in premarket action this morning and in after-hours trading last night.

Less than an hour after market open, the shares surged past the psychological barrier of $1,000. As of 7:13 a.m. PT, Google shares were around $1,004.

Google benefited from a rise in aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of Google's Network members. The company has also been expanding its line of Chromebook devices, and its Android mobile operating system continues to dominate the market for smartphones. The results are more impressive given the losses that its Motorola Mobility unit continues to sustain.

The results represent a return to form after Google posted disappointing results in the second quarter .

The stock has risen roughly tenfold from its initial public offering price of a little more than $100 a share in August 2004.

About the author

Roger Cheng is the executive editor in charge of breaking news for CNET News. Prior to this, he was on the telecommunications beat and wrote for Dow Jones Newswires and The Wall Street Journal for nearly a decade. He's a devoted Trojan alum and Los Angeles Lakers fan.

 

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