Google Hits All-Time High While Facing $1 Billion Fine
Google (NASDAQ:GOOG) surfed to a new all-time high on a wave of market optimism on Tuesday. The search giant advanced 1.3 percent to $804 per share before simmering down slightly.
In the absence of direct positive catalysts, some observers are attributing the stock movement to growth trends in mobile use and Google’s increasingly successful efforts to monetize mobile activity. Bloomberg pointed out that on top of Google’s 41 percent share of all digital advertising revenue, the company claims a 53 percent share of the mobile ad market. This compares to Facebook (NASDAQ:FB), whose share rests at 8.4 percent.
Tuesday’s new all-time high punctuated a strong year to date for Google. The stock was up 9.6 percent through February 15, gaining considerable upward momentum after reporting earnings that came in ahead of expectations.
But it’s not all good news for the tech company. Reuters reported that Google could face legal penalties of up to $1 billion in Europe…