Google Smashed Record: Gained $60 Billion in a Day

Google adds $60 billion to its market value today, following the release of its 11 percent 2Q earnings. This is the biggest one-day gain in the history of a U.S. company, more than the size of Hewlett-Packard Co.

Currently, Google’s market capitalization is valued at $468 billion, at a rate of $697.64 per unit share. The rally put Google one step ahead of Microsoft Corp. (which is currently worth $377 billion) in the global ranking of the world’s biggest corporations. Apple Inc. still remains the biggest corporation valued at $746 billion.

Google Inc. stock chart as seen on Bloomberg

According to a Bloomberg report, this means that Google co-founders Larry Page and Sergey Brin has added $4 billion each to their net worth in one day. Google’s second-quarter net income was $3.93 billion, up from $3.35 billion recorded for the same quarter last year.

The newly appointed Google Chief Financial Officer, Ruth Porat said “Youtube currently has over one billion users, the number of people between 18-49 age group that watch Youtube videos on mobile devices is greater than the number watching cable television”.

At least 27 brokerage firms have raised their price targets for Google shares, with some predicting the stock could rise as high as $800.