Shares of search engine giant Google have reached $1,000 for the first time, increasing 13.8% after the company reported profits beyond expectations.
Google grabbed the spotlight, with its shares gaining $1,011.4, marking another milestone in its rise from $85 in its public offering in 2004.
Friday’s share price increase followed the company posting a 365 rise in net profits to $2.97 billion for the July-to-September quarter.
Google’s revenues also beat analysts’ expectations with a 12% jump year-on-year.
During the same period, the strong profits also helped other tech firms, with Facebook shares rising 4.4% to a new high of more than $55. Amazon had a 3.4% increase.
Overall, Google’s market value is about $334 billion, which is still lower than Apple’s $461 billion.
Google investors’ share price target
The multinational corporation released its quarterly profits on Thursday after US markets had closed. The company said that paid-for-clicks jumped by a quarter during the July-to-September period, the highest rate of growth in the previous year.
Google has been trying to launch a service to help advertisers market through desktop computers, smartphones, and tablets. Analysts believe there’s still potential to generate earnings from its video-streaming site YouTube.