Google, which has had an up and down week on the stock market, finally got some good news. According to an article in BusinessWeek, the search giant saw a 26 percent increase in profit during the third quarter, far ahead of industry expectations. The company made $1.35 billion on revenue of $5.54 billion.
In response, Google’s stock shot up almost 10 percent late yesterday, and has continued to rise in early trading today. (It’s up more than 25 points today, trading around 380.)
Before the announcement, the company’s stock was down 53 percent on the year, bad news for its employees with options granted at “weighted average exercise price of $329.78.” (Essentially, these are worthless if the price dips below that level.) For a company struggling to keep its employees, keeping the stock price above the $329 figure is essential.