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Google stock price hits all-time high

Published: 8:34AM Wednesday February 20, 2013 Source: ONE News

Internet giant Google's shares have topped US$800 for the first time.

The California-based company's shares hit US$804.00 in early trade on the Nasdaq exchange today, pushing the company's market valuation to $265 billion (NZD $312 billion), AFP reports.

Google stocks have risen 33% over the past year, and 13% from the start of 2013.

On January 22 this year, Google reported fourth-quarter gains, with the business generating net revenue of $9.83 billion, up from $8.13 billion a year earlier.

"Google has got this knight in shining armour that nobody can kind of penetrate," Martin Pyykkonen, an analyst at Wedge Partners, told Bloomberg today.

The company's shares first topped $US700 in October 2007.

By the end of 2008, when the recession hit, Google's shares dropped to lows of around $247.30, AFP said.

Google generates income from adverts that run next to query results.

According to EMarketer, the company had more than 41% of all digital advertising revenue in the US last year alone.

The milestone reflects the California-based company's confidence to further increase profits through its internet search engine, even in the face of a looming European Union case over alleged privacy breaches.

Yesterday, European data watchdogs announced that they plan to take action against Google over its privacy policy, which allows the search engine to pool user data from across all its services ranging from YouTube to Gmail.

The move is the latest in a skirmish between the web giant and Europe's data protection regulators who view the privacy rules put in place by Google as "high risk," although have stopped short of declaring them illegal.