Google Shares Scoot Past $700

37% surge since Sept. 10 puts the company among the top 5 US firms
By Jim O'Neill,  Newser Staff
Posted Nov 1, 2007 9:15 AM CDT
Google Shares Scoot Past $700
Eric Schmidt, Chairman and CEO of US Internet search engine Google.   (Getty Images (by Event))

High investor expectations for Google's wireless and social networking businesses to equal its online advertising success pushed the search giant’s share price past $700 yesterday, reports the Wall Street Journal. Google’s stock has gained more than $100 since Oct. 8, and it is now one of the five most valuable US companies.

Currently worth about $220 billion, Google is up 37% since Sept. 10, with shares trading at 56 times the company’s expected 2007 earnings of $15 billion. Investors remain bullish, despite a pending $1 billion lawsuit against its YouTube unit, believing there’s room for growth in Google’s core online advertising business. Q3 profit rose 46%. (More Google stories.)

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