Google shares jumped $53 in after-hours trading after the company reported strong quarterly financials today, adding $17 billion to the company’s stock market capitalization.
The company reported $14.9 billion in income with earnings per share of $10.74, both higher than analysts expected. That translates to profit of $2.97 billion.
Expect the shares to subside somewhat as investors take profits — this was a strong quarter by Google and beat expectations, but it wasn’t a complete blow-out quarter. Additionally, the company has so far not released any new news about products and services that would warrant a huge bump in stock price.
However, it is a sign of the market’s confidence in Google, and in GOOG, to continue producing profit and to continue dominating its market.