Google's stock is officially back on the move, driving hard ahead into bullish territory Friday morning on resounding investor approval of the company's strong second quarter earnings reported after the bell Thursday.
Shares of Google's stock (NASDAQ: GOOG) were trading up $68.26 per share just before mid-morning, a 13 percent increase. Google's stock was trading at $597.50 on the news.
Google's reported sales and profit beat analysts' estimates, showing how the company is successfully expanding into mobile and display advertising.
Google is the world's largest Internet search engine, and it has products including the Android operating system. Google has also just launched in a field trial phase a new social network, Google+, that has already attracted more than 10 million users with millions more waiting to get in.
Google's second-quarter sales rose to $6.92 billion, topping the $6.57 billion analysts expected as a consensus, according to Bloomberg. Google's net income rose 36 percent in the second quarter to $2.51 billion, or $7.68 a share, from $1.84 billion, or $5.71, the previous year in the second quarter.
Google's second quarter profit, excluding some items, was $8.74 a share, exceeding the $7.85 average of analysts' estimates, according to Bloomberg.
Google benefitted in the second quarter from expanded revenue derived from using ads on mobile devices and the YouTube video site to diversify beyond its traditional Internet search ads.
"For a long time, I think it was fair to knock the company as a one-trick pony, but I don't think that's the case anymore," said Clayton Moran, an analyst at Benchmark Co. in Boca Raton, Florida, in an interview with Bloomberg.