Record high $703 shares, valuing Google at $471.50 billion are making it the second most valuable company on the planet, right after Apple.
Full story by DEVIKA KRISHNA KUMAR on Reuters.com
Google Inc’s shares closed up 16.3 percent at $699.62 on Friday, adding about $65 billion to its market value, as strong growth in YouTube viewership eased investors’ concerns about Facebook Inc’s push into video. Google’s class A shares chalked up their largest single-day percentage change in more than seven years on Friday. The surge, which comes a day after it reported better-than-expected profit for the first time in six quarters, sent the Nasdaq composite index to a record intraday high.
VIEWS MAKE THE DIFFERENCE
Google said on Thursday that watch time for YouTube rose 60 percent in the second quarter and the video service had more viewers aged 18-49 on mobile alone than any U.S. cable network. Online video ads could be a $17 billion opportunity in the United States alone by 2017, Jefferies & Co analysts said, and YouTube looks best positioned to benefit. Google and Facebook are trying to woo big companies to market products via online videos. But YouTube has an edge over Facebook as it has a more mature monetization platform that seems to attract the best content.
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