For the first time since its inception, Google's stock has surpassed $800 -- five years after it exceeded $700.
The milestone for the search engine giant comes after the rapid decrease of Apple stock in recent months from a high of nearly $700 in September to around $450, resulting in the iPhone maker being replaced as the world's most valuable company. Google stock, meanwhile, increased to $803.58 during the early hours of Tuesday, the first day of trading after the long Presidents’ Day weekend. Google's market valuation is currently more than $260 billion.
Soon after exceeding $700 in stock prices during October 2007, the global economy suffered its worst recession since World War II, which affected Google’s share prices. It saw co-founder Larry Page replacing current executive chairman Eric Schmidt as the firm's CEO in April 2011. Its stock has since increased by about 35 percent. Last October, Google surpassed Microsoft's market valuation to become the world’s second-largest technology company.
Rumors recently resurfaced pertaining to Google's plan to launch retail stores. Aaron Kessler, senior research analyst with investment firm Raymond James, said he's unsure whether they would contribute to Google’s sales growth. "The Android ecosystem is doing pretty well. It continues to gain market share so it’s hard to say if that will really help them more."
Google currently offers various products across several markets including the smartphone and tablet division with Android, accompanied by its Nexus devices. It also offers notebooks in the form of its Chromebooks, while its main source of revenue comes from advertising. Future ventures for the firm include the wearable computing market with Project Glass, smartwatches, driverless cars and A.I. search technology for intelligent PCs.