Google stock crosses $1,000 mark after earnings

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(AP Photo)

(AP Photo)

 

NEW YORK (AP) — Strong third-quarter results have sent Google shares past the $1,000 mark for the first time.

Shortly after the markets opened Friday, Google Inc. shares jumped more than 12 percent to $1,002. The stock had never before surpassed $928 in regular market trading since Google went public at $85 per share nine years ago.

Late Thursday, Google reported better-than-expected third-quarter results. The numbers showed that while the company’s advertising prices continue to decline, that’s being offset by a larger number of people clicking on ads.

Google shares have climbed steadily for much of the past five years, more than doubling in value. But the stock has slipped slightly in recent months, while the overall market has risen, amid worries about deteriorating ad prices.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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