SAN FRANCISCO, October 18, 2013 (AFP) – Google shares surged to a record high, close to $1,000, after quarterly earnings figures showed the Internet giant’s profits are climbing despite a trend toward cheaper advertising on smartphones and tablets. The company on Thursday reported net income of $2.97 billion on revenue that rose to $14.89 billion in the quarter that ended on September 30.
Profits were up 36 percent from the same period a year ago and topped expectations. Revenues also beat forecasts with a 12 percent jump year-on-year.
The California titan’s stock leapt more than eight percent, hitting $961.48 a share in after-hours trade.
“We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device,” Google chief Larry Page said.
Google’s main money-maker, search advertising, remained strong while revenue from areas such as the online Play shop for apps, music, books and other digital content was on the rise, according to executives.
The company also said sales of hardware such as Chrome and Nexus devices were adding to its revenue stream along with services tailored for businesses.
“They pretty much are golden,” independent Silicon Valley analyst Rob Enderle said of Googl