Google Inc. shares rocketed to an all-time high on Friday as an impressive round of quarterly results appeared to win over skeptics worried that the Web search company was more bark than bite.
In an earnings report that showed the company outstripped Wall Street expectations for the fifth consecutive quarter since its initial public offering in August 2004, Google said on Thursday it saw a 'sea-change' shift to Internet marketing from print and broadcast.
ThinkEquity analyst John Tinker echoed the term 'sea-change,' saying that Google's results show 'more and more firms are realizing that Internet advertising is effective.'
'They've come up with a new product that is changing the way people are advertising,' Tinker said. 'They are changing the way people are doing business.'
Google is doing some pretty amazing things, and they seem to be pretty savvy at connecting their technological improvements to actual profits. They will be a very interesting company to watch over the next several years. Accessing and organizing information is probably the single most valuable ability in an 'information economy' and that is Google's core competency.