Google shares reach $500 watermark

22-11-2006

Google shares reach $500 watermark
Shares in internet search engine giant Google have broken the $500 (£262) barrier in US trading.

At the close of trading at Wall Street the California-based firm's shares were valued at $509.65 (£267) after rising three per cent to peak at $510. Only five other companies trade above $500.

This compares to the $85 (£45) that Google's shares were listed at its initial public offering in August 2004, while the shares have risen $100 (£52) during the last 12 months alone.

Google's success comes as search engine rival Yahoo continues to struggle, with the latter's declining advertising revenues blamed for the company's profits falling two-fifths to $158 million (£83 million) for the last quarter.

However, during the same period Google's earnings rose to $733 million (£385 million).

Earlier this month Google closed the acquisition of video-sharing website YouTube, bought in October in a $1.65 billion (£866 million) share transaction, with analysts predicting its ad income will continue unabated.


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