Updated from 1:57 P.M. to include analyst ratings in seventh paragraph.
NEW YORK (TheStreet) --Google (GOOG) continued to scale new heights, breaking an all-time record high by surpassing the $1,000 per share mark, after beat third quarter estimates. The world's largest search engine is the first technology company to have a four figure share price.
Google reported a 12% increase in third-quarter revenue to $14.9 billion, excluding traffic acquisition costs (TAC) across all its businesses. The search engine behemoth said net revenue for its Internet business was up 23% year on year to $10.8 billion from $8.76 billion. The company earned $10.74 per share for the quarter.
Mobile continues to benefit Google's YouTube business with 40% of the traffic from the site originating from mobile devices. In the third-quarter, 25% of traffic came from mobile and a year earlier, merely 6%.
"The company [has] both the ad campaigns and the accelerated viewership, particularly on YouTube, that can be monetized, so there is a healthy and needed revaluation going on," said Jim Cramer in his recent analysis on Real Money.
During a post-earnings conference call, CEO Larry Page said, "When I became CEO again, my goal was to ensure that Google maintains the passion and soul of a start-up as we grow. It's why I've worked so hard to increase the velocity and execution."
Shares gained 13.5% to $1,008.47 as of 1:45 p.m. ET. Year to date, the tech giant has climbed 42.4%, exceeding the S&P 500, which has rose 22.2%.