Shares of Google Inc. (NASDAQ: GOOG) are up in today’s trading. The stock reached a high of $486.43 in mid-day trading. At last check, it was up 0.05% to $485.22, with volume at 1.47 million in mid-day trading.
Google reported its second-quarter financial results on July 15. The company had reported second-quarter revenue of $6.82 billion, up 24% from the second quarter of 2009. The company had reported GAAP operating income of $2.37 billion, for the second quarter of 2010, compared with $1.87 billion reported for the same period last year. Google reported second-quarter GAAP net income of $1.84 billion, compared with $1.48 billion reported for the same period last year. The company’s second-quarter non-GAAP net income was $2.08 billion, compared with $1.71 billion reported for the same period last year.
Since the announcement of the second-quarter financial results by Google, shares of the Mountain View, California-based company have fallen from $494.01, which was the closing price on July 15, to the current level. The stock has seen brief rallies in this period, however, it has found difficult to break through. The stock is currently trading above its 10, 20 and 50 day moving averages, which shows that investors are bullish about the stock. It is, however, trading 100-day and 200-day moving averages of $512.81 and $539.64, respectively. The Google stock is facing stiff resistance at $489.47. The stock has strong support at $479.92.
Year-to-date, the Google stock has declined 21.92%. Between April and June, the stock saw a steady decline. On July 6, the stock closed at $436.07, which is the lowest closing it has seen so far this year. However, after this, the stock has rebounded and reached the current level. Some of this can be attributed to the positive news that came out for the company from China. It may be recalled that Google had run to into problems with Chinese authorities over censorship issues, following which the company had started redirecting Chinese users to its Hong Kong site. This did not go down well with the Chinese authorities, who were planning to not renew Google’s Chinese license, which would have meant the company’s exit from China. Fearing exit from the world’s largest market for internet users, Google bowed to the pressure as its license came up for renewal this month. After much speculation, the company managed to renew its license this month and this has contributed to a rebound in the stock.
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