11-22-2006, 06:58
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Senior Member
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Google shares break through $500 level
Google shares break through $500 level
Quote:
Google shares tore through the key $500 level for the first time ever last night on Wall Street. They climbed 3% to a record high at $510 and ranked among the Nasdaq's biggest gainers.
In recent months, Google has pulled away from its peers on the Internet by posting sustained growth that is three to four times faster than its rivals. At the same time, its closest competitor, Yahoo is in turmoil over strategy.
Google shares have been boosted by strong growth, and expectations that the firm will continue to capitalise on the online advertising market.
Last month, Yahoo said quarterly profits had fallen 38% to $158m on the back of weak advertising revenues. By comparison, Google said profits for the three months to the end of September had almost doubled to $733.4m.
So far Google has made most of its money from advertising, which it posts next to its search results and other content.
In October it snapped up video-sharing website YouTube in a deal worth $1.65 billion. The move should give it a key spot in the emerging online video market, and help it become a leading provider of web-based video advertising space.
Google has also voiced ambitions to widen its advertising net beyond the web. It recently reached a deal to become a broker of newspaper advertising for some of its online ad clients and also has its eye on targeting the radio advertising market.
Shares in the company have surged since it listed at $85 on the US market in August 2004. The latest price rise means Google has joined a group of only six other firms that trade above that level, including Berkshire Hathaway and pork processor Seaboard.
The increase also means that Google is now valued at more than $155 billion, making it America's third largest technology firm behind Microsoft and Cisco Systems.
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Source: http://www.rte.ie/business/2006/1122/google.html
I wish I had few of google shares... 
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