independent

Friday 18 April 2014

Google stock price passes $800

The stock price of tech giant Google has passed the 800 US dollars barrier

Google's stock price has topped 800 US dollars (£516) for the first time.

The barrier was broken amid renewed confidence in the company's ability to reap steadily higher profits from its dominance of internet search and prominence in the increasingly important mobile device market.

The milestone comes more than five years after Google's shares initially went through the 700 US dollars (£452) mark.

Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since the Second World War and Google's stock tumbled into a prolonged malaise that eventually led to a change in leadership.

Besides enriching Google's employees and other shareholders, the company's resurgent stock is an implicit endorsement of co-founder Larry Page. Google's stock has now risen by about 35% since Mr Page replaced Eric Schmidt as CEO in April 2011.

Press Association

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