Google stock opens at record high, hits $1,000 a share

Summary:The search giant (turned everything else) opened on Friday at an all time high. Shortly after the opening bell, it hit $1,000 a share.

Image: ZDNet

Google hit the $1,000 a share mark on Friday, less than a day after reporting strong fiscal third-quarter earnings.

The search turned cloud and mobile giant opened up 91 points, or 10 percent, on the New York Stock Exchange, when the opening bell struck at 9:30 am ET.

However, in spite of the nice rounded four-digit figure, it doesn't mean all too much for the company. Companies are valued (in a rough sense) by its market capitalization figure.

At the time of writing, Google's market cap stood at $334 billion. By comparison, even though Apple is currently trading at $508 a share, its market cap is significantly higher at $462 billion.

On Thursday, Google reported better-than-expected third-quarter results .

The internet giant reported a net income of $2.97 billion, or $6.53 a share. Despite the drop in advertising prices, Google's results were offset by a larger proportion of ad-clickers.

Over the past ten years, Google's stock has risen by almost ten-times from  its initial public offering price  of $100 a share.

Screen Shot 2013-10-18 at 10.16.00
$GOOG at 10 am ET on Friday Image: Google Finance

Topics: Google


Zack Whittaker is a writer-editor for ZDNet, and sister sites CNET and CBS News. He is based in the New York newsroom. His PGP key is: EB6CEEA5.

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