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article imageGoogle shares rise above $1,000

By Tim Sandle     Oct 18, 2013 in Business
Shares in the Internet giant Google have topped $1,000 for the first time in the company's history. Shares jumped 13.8% on Friday after Google reported better-than-expected earnings.
At the end of Friday's trading, shares in Google closed 122 points up at $1,011.4, according to the BBC. As a benchmark, when Google was floated in August 2004 the price was $85 a share. Since the start of 2013 shares have risen an impressive 42%. Google's market value is now estimated to be about $334 billion (an extremely high figure, but one still well below Apple's $461billion).
The share price rise followed the company posting a 36% jump in net profits to $2.97 billion for the July-to-September period on Thursday. More good news for investors is that Google's revenues are set for a 12% rise year-on-year.
With an eye on the future, The Guardian notes that Google has launched a service aimed at helping advertisers display their ads through a mix of smartphones, tablets and desktops. The move cashes in on the rapid growth of business on phones and tablets as consumers go mobile.
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