Google stock rises above $1,000 per share

Strong third-quarter results have sent Google’s stock past the $1,000 mark for the first time.

Shortly after the markets opened Friday, Google Inc. shares jumped more than 12 percent to $1,007.40 in heavy trading before edging back down to $1,000 later in the morning. The stock had never been higher than $928 in regular market trading since Google went public at $85 per share nine years ago.

Late Thursday, Google reported a 36 percent jump in third-quarter net income that beat Wall Street’s predictions. The numbers showed that while the company’s average ad prices continue to decline, they’re being offset by a larger number of people clicking on ads.

Over the years, Google has expanded its reach far beyond the powerful search engine that made it famous. It now includes the video sharing site YouTube, along with the Android operating system that runs on close to 1 billion smartphones and tablets. The company ranks as the No. 1 digital ad company by revenue, leaving rivals such as Yahoo Inc. and Facebook Inc. far behind.

- AP