Search company’s market value exceeds software giant
San Francisco, CA -- (SBWIRE) -- 10/10/2012 -- Google is now the world's second most valuable tech company as a strong last quarter boosted its stock price and propelled its overall valuation above Microsoft. According to Bloomberg, increasing ad revenue, smartphone sales, and a steady search market share have increased Google's share price.
That price has reached $759.98 on the New York Stock Exchange on October 1st, making the company worth $249.2 billion. In comparison, Microsoft's shares slipped slightly to $29.67 and an overall valuation of $248.7 billion.
The Google-owned Android system is currently the world's most popular smartphone platform. Google recently acquired Motorola Mobility, makers of Android phones and tablet computers. In contrast, Microsoft, software developers and producers of the XBox video games console, have struggled gain traction in the telecommunications market with their Windows Phone operating system.
As sales of smartphones and tablets surge compared to laptops and desktops, they have lost ground to Google and tech behemoth Apple, whose value remains far in excess of both firms.
Apple produce laptop computers the hugely popular iPhone, which has a 20% to 30% smartphone market share, whilst Windows Phone can only claim single-digits. Google have at least half of the market, and recently received a shot in the arm as Apple removed their Google Maps from the iPhone 5.
Consumers became disgruntled by the maker's launching of their own mapping program. Apple attempted to usurp their rival with third party mapping data but its lack of worldwide coverage has led to widespread condemnation.
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