Google CEO Page Adds About $1.9 Billion in Personal Wealth After Earnings
Google Inc. (GOOG) Chief Executive Officer Larry Page added about $1.9 billion in personal wealth today after the company announced second-quarter results that beat analysts’ estimates amid growth under his new leadership.
The value of Page’s stake in Google rose to approximately $16.25 billion, based on his holdings reported in a regulatory filing today. Co-founder Sergey Brin added about $1.8 billion in personal wealth, based on his holdings reported in a filing earlier this month.
Seeking to better compete against rivals such as Facebook Inc. and Apple Inc. (AAPL), Page, who took over as CEO in April, is pushing the Mountain View, California-based company into markets such as mobile, social and e-commerce while maintaining the company’s traditional leadership in search. Google benefitted from surging demand for its online advertising services, pushing up prices at a faster rate than in the previous quarter.
Second-quarter sales, excluding revenue passed on to partner sites, rose to $6.92 billion, Google said on its website yesterday. That topped $6.57 billion, the average estimate of analysts surveyed by Bloomberg. Profit, excluding some items, was $8.74 a share, exceeding the $7.85 average of analysts’ estimates.
Google rose $68.68, or 13 percent, to $597.62 at 4:20 p.m. New York time on the Nasdaq Stock Market, its biggest percentage gain since Oct. 2008. Google shares have risen less than 1 percent this year.
To contact the reporter on this story: Brian Womack in San Francisco at bwomack1@bloomberg.net
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net
Larry Page Sergey Brin
Ben Margot/AP
Google co-founders Larry Page, left, and Sergey Brin are seen at their company's headquarters on Jan. 15, 2004, in Mountain View, Calif.
Google co-founders Larry Page, left, and Sergey Brin are seen at their company's headquarters on Jan. 15, 2004, in Mountain View, Calif. Photographer: Ben Margot/AP
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