SAN FRANCISCO — Google’s Class A stock reached its all-time high, after new chief financial officer Ruth Porat signaled plans to bring more restraint to spending at the Internet search giant.
Google shares rose 16 percent to close at $699.62 in New York on Friday, marking their biggest gain since April 2008. The advance added $65 billion to the company’s market value and put the stock up 30 percent this month. Class C (non-voting) shares rose $93.08 to close at $672.93
Profit and sales topped analysts’ estimates in the second quarter, and operating expenses rose at the slowest pace since 2013. On a conference call after the results were released Thursday, Porat — who joined the company in May from Morgan Stanley — said she was focused on cost controls.
Porat has bolstered investor confidence that the company will balance spending on initiatives with the need to keep a tighter rein on expenses.Bloomberg News
