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Google share prices surge after earnings report Reuters

Google's market capitalisation has crossed the $450bn (£288.1bn, €413.8bn) mark after a surge in the company's shares prices following its second quarter earnings release.

On 17 July, Google class A shares closed up 16.05% or $93.08 at $672.93, representing a market capitalisation of $459.2bn, according to Yahoo Finance. Class C shares, which are devoid of voting rights, closed up 16.26% or $97.84 at $699.62, representing a market capitalisation of $477.43bn.

The shares witnessed unusual trading activity during the day, with the volume reaching more than 12.8 million, compared to a three-month average of two million.

The company added about $65bn to its market capitalisation – its largest single-day gain ever.

The company earlier reported better-than-expected earnings for the second quarter, as it experienced double-digit growth in revenues, primarily from mobile ads.

For the quarter ended in June, the search provider reported profits of $3.93bn, or $6.43 per share, up 17% from the same quarter in 2014. Excluding one-time items, the company had earnings per share of $6.99, above analysts' estimates of $6.70.

Revenue for the quarter rose 11% year over year to $17.7bn. On a constant-currency basis, revenues increased by 18%.

Google attributed the strong results to its core search business, particularly mobile, complemented by growth in YouTube and Programmatic Advertising.

In terms of market cap, the company is still trailing iPhone maker Apple, which currently has a valuation of $746.7bn. Other big companies in the US on the basis of market cap are Microsoft at $378.2bn, Berkshire Hathaway at $355.7bn and Exxon Mobil at $345.4bn.