Google had a great third quarter, according to an earnings report released on October 17. Year-over-year revenue growth was up 23 percent in its internet business, accounting for $10.8 billion. This led to a spurt of investor exuberance, pushing Google's stock price above $1,000 for the first time.
According to Reuters, its mobile operations formed the heart of its growth potential. However, Google was apparently cagey about its earnings up until yesterday, perhaps to give investors something to cheer when the good news hit. Kerry Rice, a stock analyst for Needham & Co., told the source that "they did what they needed to do to impress investors."
Google's entry into the mobile market several years ago has proven to be a godsend. As competitors like BlackBerry succumbed to the pressures of Apple and Samsung, Google was able to maintain its position by taking a Microsoft-like software approach. The Android operating system is now one of the most popular on the planet and ensures that Google will play a significant role in the future of mobile computing.
The breakaway above $1,000 for its stock price is the more curious development. Whether or not Google will be able to keep up the momentum needed to support this price remains to be seen, but nothing has emerged from the company's press office that suggests otherwise. Even disclosures over the company's support of the NSA spying programs haven't harmed it too much.
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