Stock Market Watch

Google Shares Trade above $1,000

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Share of Google Inc. (NASDAQ: GOOG) soared on Friday to cross $1,000 for the first time, a day after the tech giant reported that video and mobile ad advertising helped drive up revenue by double-digit percentage growth.

Meanwhile, at least sixteen brokerage firms have raised the price target on the stock ranging from $880 to $1,220. Equity research analysts at Deutsche Bank raised the price target by 26%.

The search engine giant, after the market close on Thursday said that paid clicks for the fiscal third quarter ended September 30 increased 26% from the year ago period. This helped in offsetting an 8% drop in average cost per click. Average cost per click is the price which advertisers pay to Google when a user clicks on their ads.

JP Morgan had anticipated paid clicks to show a growth of 21.5%.

Commenting over strong growth in paid clicks, J.P Morgan analysts said, “We view solid paid clicks growth to be a good indicator of demand, driven by the continued shift to mobile,” according to Reuters.

For the latest period, The Mountain View, Calif. based company posted adjusted earnings of $10.74 a share on net revenue of $11.92 billion. Analysts surveyed by Thomson Reuters had forecasted earnings of $10.35 a share on net revenue of $11.9 billion.

Earlier this week, Yahoo! Inc. (NASDAQ: YHOO) said that its revenue from display and search advertising fell amid rising competition from Google and Facebook Inc. (NASDAQ: FB).








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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