Liz Gannes

Recent Posts by Liz Gannes

Google Shares Hit Another All-Time High

Shares of Google are on an upswing Friday, hitting a new high for the company of $775.32.

high_water_markThat’s up 2.26 percent from the day’s opening price of $758.20. The company’s previous high was $774.38 in October.

Google seems to be benefitting from broader bullishness as the Dow Jones Industrial Average crossed 14,000 for the first time since 2007 based on the latest U.S. jobs report.

Google beat expectations (well, mostly — Motorola complicated things) with its fourth-quarter earnings report on Jan. 22. And the tech sector overall is having a good earnings season, with strong reports from Qualcomm, Facebook, Yahoo and Apple, among others.

The company also submitted a proposal to the European Commission about antitrust concerns yesterday. As we reported, a source familiar with the content of the submission said it was only marginally stronger than the deal Google and the U.S. Federal Trade Commission announced to a month ago.

Put together, that could mean Google is likely to scoot away from the threat of major regulatory battles on multiple fronts.

Google also said today that it had created a €60 million fund to support digital publishing innovation in France as part of the resolution of its disputes with French news sites.

Google’s revenue in the fourth quarter of 2012 was $11.34 billion, up from $8.13 billion in 2011. Google reported a non-GAAP profit of $3.57 billion in the fourth quarter, up from $3.13 billion a year before.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work