Google Inc shares jumped past $1,000 on Friday as investors bet on the company’s continued dominance of the mobile and video advertising businesses despite aggressive competition from Facebook Inc and Yahoo Inc.
Shares of the firm rose more than 13 per cent to hit an all-time high of $1,008.18, swelling the company’s market value by almost $40 billion. That vaulted Google past Microsoft Corp and Berkshire Hathaway Inc in capitalisation and brought it to No. 3 among US firms, behind only Apple Inc and Exxon Mobil Corp.
Google, on Thursday, reported a 23 per cent jump in net revenue from its Internet business. Advertising volume soared 26 per cent and more than made up for an 8 per cent slide in ad prices.