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Google shares surge to record highs as quarterly profits beat expectations

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Google shares surge to record highs as quarterly profits beat expectations

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Internet search engine giant Google has reported a rise in profits for the period between July and September. Quarterly revenue was up 23 percent with mobile and video advertising largely responsible for the boost in revenue.

Share prices reached record levels – rising 13 percent at one stage and breaching the $1,000 mark for the first time. The results and days trading far outstripped expectations.

Google said paid clicks increased by a quarter in three months from a year earlier, the highest rate of growth in the past year.

But the cost per click – that is how much advertisers pay to place an advert – declined by eight percent from the same period last year. Google missed forecasts during the last quarter.