In anticipation of what analysts and investors hope to be stellar third quarter numbers for Google — as they have seen their lead over rivals stretch further in recent studies — Google’s stock shares soared to new heights today, closing at over $609 per share.
As BusinessWeek reported today, these gains have vaulted the stock to a market cap close to $200 billion:
“The shares have increased more than sevenfold from their initial public offering price of $85, bringing the nine-year-old company’s market value to $190 billion — eclipsing bigger, more mature businesses like Wal-Mart Stores Inc., Coca-Cola Co., Hewlett-Packard Co. and IBM Corp.”
The fact that the value of Google — a company barely a decade old — is now worth more than WalMart, the world’s biggest retailer and the nation’s biggest private employer, is absolutely phenomenal. It certainly makes Google, the little search engine that never advertised, one of the most amazingly successful organizations in history. Think about:
- The tens of millions of people per day, every day, that use Google to find the information, products and services they look for.
- The upwards of a million advertisers that use Google to help grow their businesses, and the amount revenue, jobs and growth that this facilitates (I would venture that this number is in the hundreds of billions of dollars globally).
- The entire economy of businesses that exist simply to help other businesses use Google to be more successful (of which Wpromote is a part)
The bottom line is that despite fears of Google wielding so much power over advertisers and consumers, it has virtually overnight become a global force and an integral part of millions of lives. And that is an accomplishment that very few organizations can lay claim to in history.