Google shares are exploding.
Shortly after the market open on Friday morning, shares of Google were up an incredible 13%.
This is an addition of nearly $US50 billion in market cap, or more than the entire market cap of Twitter and the most recent valuation for Uber.
Google shares were trading hands near $US684 per share in early trading on Friday, a new all-time high.
On Thursday after the market close, the company reported earnings per share of $US6.99, better than the $US6.73 that was expected.
Revenue came in a little light, hitting $US17.7 billion against expectations for $US17.8 billion. Ex-TAC, or traffic acquisition costs. In the second quarter, cost-per-click, or how much Google can charge for its ads, was down 11% against the prior year.
On the company’s earnings conference call, new CFO Ruth Porat — who joined Google from Morgan Stanley in May — said that YouTube growth has accelerated, with watch time on the streaming video site up 60% year over year, the fastest rate in 2 years.
Business Insider Emails & Alerts
Site highlights each day to your inbox.