Alphabet Class A shares ($GOOGL) hit new record highs today, soaring past the $1,000 per share mark. Alphabet Inc Class A is up 7.80 points on the day, or 0.78%. Alphabet Inc Class C, on the other hand, is straddling the line just below the $1,000 mark, sitting at 983.28 at the time of this writing and up nearly the same amount.
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The new record prices come as Google’s ad business continues to grow, the Mountain View company moves head-first into its new AI-first philosophy (as highlighted at Google I/O), Alphabet CFO Ruth Porat reigns in excess spending, and other Alphabet initiatives like Waymo show promise to be leaders in their respective fields.
Alphabet reported Q1 2017 revenue of $24.7 billion, beating expectations. In Q1 2017, revenue was up 22% year-over-year from $20.25 billion in Q1 2016. Net income reached $5.42 billion for that quarter. For the holiday quarter in 2016 (which notably saw the launch of the Google Pixel), Alphabet reported $26 billion in revenue and $5.3 billion in net income.
The $1,000 mark was also recently passed by Amazon this past Friday, as ecommerce sales continue steady growth, with that company’s shares hitting a record high of $1008.48.