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Google shares, buoyed by strong ad traffic, soar above $1,000

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(Read caption) A Google logo is seen at the entrance to the company's offices in Toronto in this file photo taken Sept. 5, 2013. Google said this week that consolidated revenue rose to $14.89 billion in the third quarter of 2013.

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Google stock has topped a grand a share for the first time. 

Boosted by stronger-than-expected third quarter revenue of $14.98 billion – and a jump in mobile advertising – shares in Google shot up to $1,007.40 on Friday morning. (As of writing, share prices are hovering closer to $1002.) The surge was widely attributed to the number of paid clicks on Google's various platforms, which Google said was up 25 percent from the same time last year. 

Over at the BBC, Rory Cellan-Jones notes that at the time of Google's IPO, in 2004, "early skepticism about the search giant's real value was quickly dissipated, as investors marvelled at the fast growing earnings from its advertising formula. Then, from 2007 the shares halved in value as doubts surfaced about whether the growth story could continue. But, over the last four years, as Google has shown that it can be as big a force in mobile advertising as it has been on the desktop, confidence returned sending the shares ever higher."


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