NEW YORK (TheStreet) -- Shares of Google surged on Friday following Thursday's blowout earnings report. The stock is TheStreet's Move of the Day. 

Google's A-Shares (GOOGL) - Get Report and C-Shares (GOOG) - Get Report wrapped up the session with gains of more than 16%.

The Mountain View, California-based company had reported second-quarter earnings of $6.99 a share, higher than estimates for $6.70. Revenue totaled $17.7 billion, an 11 percent rise from a year ago.

Investors cheered encouraging comments from Google's new CFO, Ruth Porat, who joined the tech giant in May after serving as CFO at Morgan Stanley (MS) - Get Report.

"A key focus is on the levers within our control to manage the pace of expenses while still ensuring and supporting our growth," Porat said on the earnings call. "We will do this while we continue to invest in engineering talent to keep us preeminent in innovation globally."

The analysts at Canaccord Genuity were pleased with Porat's remarks. Her commentary, "though ambiguous, struck a tone that may lead investors to feel more optimistic about an eventual program for returning capital to shareholders," they wrote. Canaccord Genuity reiterated its BUY rating, but upped its price target on the stock to $750 from $650.

Google co-founders Larry Page, who also serves as CEO, and Sergey Brin are now a combined $8 billion richer thanks to the surge in Google stock. 

Google's A-shares reached an all-time high on Friday, at one point crossing $700. The surge pushed the Nasdaq to a record close. Google was also the best performing stock in the S&P 500. A-Shares returned 32% year-to-date, while C-Shares rose 28%.