Thursday, June 21, 2018
Business

Google stock crosses $1,000 mark after earnings

NEW YORK

Google's stock surpassed the $1,000 mark for the first time Friday, helped by strong third-quarter results.

Shortly after the markets opened, Google shares jumped 14 percent to $1,015.46 and closed a day of heavy trading at $1,011.41. The gains marked Google's biggest one-day jump in more than five years.

The stock had never been higher than $928 in regular market trading since Google went public at $85 per share nine years ago.

Late Thursday, Google reported a 36 percent jump in third-quarter net income, which beat Wall Street's predictions. The numbers showed that while the company's average ad prices continue to decline, they're being offset by a larger number of people clicking on ads.

Over the years, Google has expanded its reach far beyond the powerful search engine that made it famous. It now includes the video-sharing site YouTube, along with the Android operating system that runs on close to 1 billion smartphones and tablets. The company ranks as the No. 1 digital ad company by revenue, leaving rivals such as Yahoo and Facebook far behind.

Google's stock has climbed steadily in the past five years, more than doubling in value. But the stock slipped slightly in recent months, while the overall market has risen, amid worries about deteriorating ad prices.

Google's average ad price has fallen from the prior year in each of the past eight quarters, primarily because advertisers aren't paying as much for mobile ads because the screens on smartphones and tablet computers are smaller than those on laptop and desktop computers.

As more people rely on mobile devices to connect to Google's search engine and other services, the trend is driving down the company's average ad price, or "cost per click."

But the number of so-called "paid clicks" on Google's ads helped offset the lower prices in the third quarter. The clicking volume increased 26 percent from last year, an indication that Google's data analysis is doing a good job matching ads with the interests of its services' users.

Friday's stock surge takes Google's market capitalization to about $333 billion, which still pales in comparison to that of technology industry rival Apple Inc. The iPhone and iPad maker ranks No. 1 in the world with a market capitalization of $462 billion.

It's unlikely that Google shares will stay above $1,000 for very long. The Mountain View, Calif., company plans to issue a new class of stock that will likely cut the value of the shares in half, though its market capitalization will be unaffected.

Comments
Domain Homes: Buyers love them, some others don’t

Domain Homes: Buyers love them, some others don’t

TAMPA — When the 2008 financial crash brought down the nation’s housing market, hundreds of home builders went out of business. Among them was Sharon McSwain Homes in Atlanta, forced to liquidate in 2009.But just as developers like to develop, builde...
Updated: 7 hours ago
Armature Works developers sue Ulele and city of Tampa over use of nearby building

Armature Works developers sue Ulele and city of Tampa over use of nearby building

TAMPA — Two of the city’s hottest developers — the companies behind Ulele and the Armature Works — are heading to court over control of an old city building that sits between the hit eateries. Both want to redevelop the city&...
Updated: 7 hours ago
Orlando airport first to scan faces of U.S. citizens on international flights

Orlando airport first to scan faces of U.S. citizens on international flights

Associated PressFlorida’s busiest airport is becoming the first in the nation to require a face scan of passengers on all arriving and departing international flights, including U.S. citizens, according to officials there. The expected announcement T...
Updated: 10 hours ago
Saboteur or whistleblower? Battle between Elon Musk and former Tesla employee turns ugly, exposing internal rancor

Saboteur or whistleblower? Battle between Elon Musk and former Tesla employee turns ugly, exposing internal rancor

Hours after Tesla had sued its former employee on charges he had stolen company secrets, and days after chief Elon Musk had called him a saboteur, the Silicon Valley automaker made a startling claim. The company had received a call from a friend of t...
Published: 06/21/18
WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

Mike Piper has traveled to Las Vegas and Miami and enjoyed the fun, daytime, party pool scene that the two cities have to offer.Now he aims to bring that same atmosphere to Tampa with a new dining and hang out spot. WTR Pool & Grill opened on Sunday ...
Published: 06/21/18
Grace Family Church gives thrift stores an upgrade in South Tampa

Grace Family Church gives thrift stores an upgrade in South Tampa

A new resale store has made its way to South Tampa. Grace Family Church recently opened Vintage Etc., to provide affordable, quality merchandise to the community and continue its outreach to help families in need in a loving Christian environment. "W...
Published: 06/21/18
2.4 million Floridians expected to travel for Fourth of July

2.4 million Floridians expected to travel for Fourth of July

Summer has officially started and so have summer travel plans. About 2.4 million Floridians are expected to travel for the Fourth of July holiday weekend, up 6.3 percent from last year, according to AAA, The Auto Club Group."We are already seeing a b...
Published: 06/21/18
Taylor Morrison builds in Wesley Chapel

Taylor Morrison builds in Wesley Chapel

Taylor Morrison will build a new subdivision off of Boyette Road between Wesley Chapel Boulevard and Overpass Road.The builder and developer recently broke ground on Chapel Chase, set on approximately 40 acres just north of New Tampa in Pasco County....
Published: 06/21/18
Grain and Berry Cafe to bring its healthy menu to USF area

Grain and Berry Cafe to bring its healthy menu to USF area

Grain & Berry Cafe opened in Palm Harbor, and now the healthy eatery is rapidly expanding throughout the Tampa Bay area.The healthy eatery opened a new location on E Fowler Ave near the University of South Florida in May, just 10 months after opening...
Published: 06/21/18
Supreme Court: Online shoppers can be forced to pay sales tax

Supreme Court: Online shoppers can be forced to pay sales tax

WASHINGTON — The Supreme Court says states can force online shoppers to pay sales tax.The 5-4 ruling Thursday is a win for states, who said they were losing out on billions of dollars annually under two decades-old Supreme Court decisions that impact...
Published: 06/21/18