Google stock breaks $800

Posted By Kristen Butler, UPI.com   |   Feb. 19, 2013 at 4:48 PM  |  Updated Feb. 19, 2013 at 4:55 PM   |   Comments

Feb. 19 (UPI) -- Google's stock recently rose $9.83, or 1.24%, to $802.74, marking the seventh time it has hit a high this month and the first time ever that a technology firm has passed the $800 mark. Google first hit $700 on Oct. 31, 2007, but dropped sharply through the recession. Its current rise coincides with the fall of Silicon Valley rival Apple. Google's stock has increased 20% over the last three months while Apple's decreased 19% over the same period. Apple shares recently traded down $1.84 to $458.25.

Many analysts credit co-founder and chief executive Larry Page with the rise of Google over the last two years since he took over after Eric Schmidt.

"Android is gaining market share and the latest versions of the Nexus hardware are getting very good reviews," said B. Riley analyst Sameet Sinha, referring to Google's Android mobile operating system and Android-powered smartphones and tablets sold under the Nexus brand. Recent reports also show Google's Android exceeds Apple's iPhone in consumer loyalty. Also reported this week were Google's plans to launch retail stores in the U.S. Page said last month that Google will generate more than $8 billion in revenue from mobile ads, apps and video content this year. Last year Google said it was generating about $2.5 billion from mobile ads.

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