Can anything stop Google? About 2 weeks ago, it past the $600 per share mark and when analysts increase their target prices even higher, Google ran up to $647 and most recent settling at $644.
Google exceeded forecasts by earning a profit of $1.07 billion in Q3, 2007, a 46% increase over $733.3 million in Q3, 2006. Sales have also risen 57% to $4.23 billion.
Google's strong third-quarter results come amid news that the company is fastening its grip on the lucrative online search market. According to data released Thursday by ComScore Inc., Google captured 57% of the market in September, an increase from 56.5% in August.
"This was a typical, machine-like quarter for Google in terms of top-line performance, they continue to outgrow the market and gain share, and continue to win business at the expense of competitors," said Darren Chervitz, director of research at the Jacob Internet Fund. Google represents the fund's second-largest holding, at 6.6% of the total as of the end of August.
"It's obvious to us that our model continues to work very well," Google Chief Executive Eric Schmidt said during a conference call with analysts, "The way in which the company is executing speaks for itself."
1 Year Stock Chart of Google (GOOG):
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