Good news for Google Inc. today. The world’s dominant search engine surpassed the $1,000 mark before 12:17 PM EST. The company earned a record 13% and actually went over $1,000 to an impressive $1,007.40. Shortly thereafter, the price dipped – ha! “dipped” is a relative term here – to $1,001.99.
The surge in value is, in part, a result of Google’s ad expansion to wireless devices and online video.
As Bloomberg News reports, “Google . . . already has one of the highest market capitalizations in the U.S. at about $330 billion, trailing only Apple Inc. (AAPL:US) and Exxon Mobil Corp.”
It has joined an elite group of companies with stock price surpassing – at least momentarily today – $1,000.
When the company went public in 2004, its stock was being sold at $85 a share. Although in 2008 and 2010, the value dipped 56% – due to the recession – the company has enjoyed an increase in its stock prices ever since going public. And one can imagine that at their HQ in Mountain View, California, there is much to celebrate about today!
Watch the CNBC news clip on this big gain for Google: