goog

Update: Google did it

After-hours trading saw Google’s stock price jump 8 percent to $959.65 as investors responded to its 23 percent revenue gain in its Q3 results. This potentially puts the stock in sight of the exclusive $1000 per share club, reports the Telegraph … 

The strong set of results reassured investors that Google is finding new ways to make money from mobile users fast enough to keep up with the ongoing shift away from desktops. It also shored up confidence after a number of weaker quarters, when Google’s results missed analysts’ forecasts.

Whilst losses at Motorola Mobility were a concern, Google CEO Larry Page urged patience, arguing that the acquisition was made primarily for the company’s patent portfolio which would pay dividends in the longer term.

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3 Responses to “Google stock (GOOG) joins $1000 share club as Wall St responds to quarterly results (Updated)”

  1. Terry Dean says:

    It’s all a ponzi scheme.
    Lets stop trading for a second and see if Wall Street has the cash to payout every Google stock at $1000 a share. They ain’t got it.
    Stock prices can rise independently to economic input. Even con man Al Capone called the folks on Wall Street crooks.

    • Ben Lovejoy says:

      That’s not how it works, though: that isn’t the ‘value’ of a Google share, it’s the trading price at a given point in time. If everyone tried to sell at the same time, the price would drop rapidly.