Google gains $50B in value on day that may set a record

Associated Press

New York — Google is already one of the largest companies in the world, and on Friday it’s making one of the largest stock market moves ever.

The Internet giant reported strong second-quarter results on Thursday and its shares are up about 15 percent in afternoon trading. That pushed Google’s Class A stock above $700 for the first time.

Google’s market capitalization, already around $400 billion, rose $52 billion during the day, according to S&P Dow Jones Indices.

Including the gains in Google Inc.’s Class A and nonvoting Class C shares that puts the company on pace for the biggest single-day market cap gain ever.

Not adjusting for inflation, the current record holder is Apple. Apple Inc.’s market cap rose $46.4 billion in value on April 25, 2012, after a better-than-expected first-quarter report.