Google shares leapt to a new all-time high yesterday topping $900 for the first time, as the Internet giant opened its developers' conference and reports said new services were planned.
Google was up 2.5 per cent at $909.43, bringing its gains for the year to nearly 30 pc. The rise gave Google a market value of more than $300 billion.
That is still below the value of Apple, worth more than $400 billion at current share values, but the two compa nies have been moving in opposite directions.
Google opened its developers' conference in San Francisco yesterday, “and we think investors should expect lots of news and product announcements,“ said analyst Brian Pitz at Jefferies.
Some reports said Google was set to launch a music subscription service, and others said a new version of Google Maps was to be unveiled.
“Expect to hear a lot of noise on new search products like Google Now and voice search integration,“ Pitz said.