Google eyes $1,000 a share as stock price rally continues
Google’s stratospheric ascent is continuing unabated with its stock price approaching the psychologically important $1,000 a share mark thanks to an on-going stock rally which has pushed its share price to $831 – ten times its initial offer of $85 in 2004.
Thus far Google’s stock has risen by 17% this year alone as the tech firm’s fortunes continue to diverge from Apple which has suffered a 35% fall over the past year having hit a peak of $700.
Apple’s stock sank to levels not seen for a year last Monday, closing at $431 a share.
The pairs branching fate is partly attributable to the growing dominance of the Android mobile operating system which acts as a platform for the delivery of Google services and ads to users.
Analysts believe that Google is now on course to hit the $1,000 stock mark thanks to its diverse range of income streams, ranging from web search, shopping and mobile ads.
Google also benefits from a global profile with 50% of its profits accruing from outwith the US, leaving it well placed to benefit from burgeoning markets in Asia, Africa and Latin America.