Google shares break $1,000

BY newsdesk  October 18, 2013 at 1:35 PM EDT

Photo by David Paul Morris/Getty Images

If you own stock in Google, Friday’s looking to be a very good day. Shares initially rose 13 percent to $1,006.17 on the heels of a strong quarterly report. Only one other S&P 500 stock has surpassed $1,000 — Priceline.com, the travel booking site.

Google’s quarterly revenue jumped 23 percent after they increased mobile and video ad sales by a quarter to compensate for an 8 percent fall in the rate advertisers pay Google when consumers click on their ads.

Earlier this year, Google started offering new advertising packages that mixed desktop, tablet and smartphone platforms — a strategy J.P. Morgan analysts expect to pay off during the holiday season.

Ads on YouTube have also contributed to Google’s revenue and the 38 percent growth in shares this year. Getting 40 percent of their traffic from mobile devices, these ads grew more than 75 percent this quarter compared to the same period last year.