NEW YORK, June 8 (UPI) -- Shares of U.S. Internet search engine Google Inc. have risen so much the company is now worth some $80 billion.
Google shares reached $293 on the Nasdaq Tuesday, making the company worth more than Time Warner, the world's biggest media company with a value about $78 billion, the BBC reported Wednesday.
Google's popularity with investors is surprising, in part, because its annual sales are just $3.2 billion contrasted to Time Warner's $42 billion.
Also, the company offered its shares to the public just 10 months ago.
Some analysts believe the premium being offered for Google is warranted given the company's future earnings prospects. Most companies buying advertising on Google are profitable.
Wall Street, however, may be rethinking its euphoria after Tuesday's share price run-up. By late morning Google shares had fallen 3.36 percent to $283.
