Google shares soared to an all-time on Friday with the tech giant adding about $60bn to its market value.<\/p>\n
Google’s shares closed 16.26% up as investors cheered profit figures that showed strong advertising growth on mobiles and its YouTube arm.<\/p>\n
The rise took the company’s market size to well above $400bn (\u00a3256bn), second only to Apple, valued at $745bn.<\/p>\n
It means that Google co-founders Larry Page and Sergey Brin each made a paper profit of about $4bn in just one day.<\/p>\n
On Thursday, after trading had closed, Google reported that second-quarter net income was $3.93bn in the three months to end-June, up from $3.35bn for the quarter a year earlier.<\/p>\n
The results ended six consecutive quarters in which Google’s earnings fell short of analysts’ targets<\/p>\n
Finance chief Ruth Porat highlighted the growth in mobile advertising and time people are spending streaming video’s on YouTube.<\/p>\n
She said YouTube had more than one billion users and that the number of people in the key 18-49 age group who watch its videos on mobile devices was greater than the number watching cable television.<\/p>\n
Reuters reported that at least 27 broking firms raised their price targets for Google shares, with one predicting that the stock could rise as high as $800.<\/p>\n
As the market opened on Friday, Google added an instant $50bn as the shares jumped. The stock eventually closed $97.84 higher at $699.62.<\/p>\n
The rise helped the tech-rich Nasdaq index, on which Google is listed, close at a record high for the second consecutive session on Friday, ending up more than 0.9%.<\/p>\n
Deutsche Bank issued a research note on the profit figures called “Dawn of a New Era?” – adding that it “feels like it”.<\/p>\n
<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
Google shares soared to an all-time on Friday with the tech giant adding about $60bn to its market value. Google’s shares closed 16.26% up as investors cheered profit figures that showed strong advertising growth on mobiles and its YouTube arm. The rise took the company’s market size to well above $400bn (\u00a3256bn), second only to […]<\/p>\n","protected":false},"author":5,"featured_media":135703,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[18],"class_list":["post-135702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-dr-akwasi-osei"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/135702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=135702"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/135702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/135703"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=135702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=135702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=135702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}