Google Climbs New Peaks Despite Motorola Woes
Google has seen its stratospheric share price rise to an all-time high on Friday, after beating quarterly advertising revenue forecasts.Its stock price moved up more than 3% in early trades to $1,174 (£713).
Shares in Google have risen by more than a fifth in the past three months.
Just over two years ago shares were trading at $750 (£455).
The latest rise is on the back of an increased fourth quarter profit of £2bn, up 17% compared to the same period in the previous year.
Chief executive Larry Page said: “We ended 2013 with another great quarter of momentum and growth.”
The share climb continues despite deepening losses at Motorola, the handset segment being sold to Chinese PC maker Lenovo for $2.9bn (£1.75bn).
Although keeping its patents, Google has unloaded Motorola at a quarter of the purchase price.
Google executives said on Thursday the search giant’s advertising income was boosted by strong demand from brand marketers and retailers in Q4.
It also said there was strong demand for online ads in international markets.
Paid clicks for its online ads leapt 31% in America’s important holiday quarter despite average cost per click dropping 11%.
“In the holiday season one thing has become very clear, the web has truly become the new holiday store window,” Google chief business officer Nikesh Arora said.