Google surge up the graph on Monday after the word got out that its Google Map app for the new version of iOS will get approved this Thursday. Apple recently released the latest mobile operating system iOS 6, preinstalled in iPhone 5 and available of iPhone 4/4S and iPad 2 and the new iPad.
The share were up nearly 2 percent totting the price to $748. Earlier in the morning the price was as high as $748.90.
The news of the new Google app comes in the midst of a criticism on Apple’s own Maps app in the new iOS 6. Just three days after its release to the store shelves, the new iPhone has attracted opprobrium on one of the most talked about iOS 6 features, Apple Maps.
Some of the users have complaint that it has distorted directions in some of the cities and some say that a number of cities listed in the graphical 3D view are missing. However, final verdict is still to come from experts.
Google, on the other hand, is seeing much more attention to its old Google Maps app, the first one to arrive in an iPhone. But analysts say that the insurgence of the stock is not because of the app but the increasing profitability from its online advertisements.
“Google’s revenue growth is likely to hold up over the next few years as core international search markets continue to grow at rapid pace and prop up modest deceleration in developed markets,” Deutsche Bank analyst Ross Sandler wrote in a Sept. 20 research report. He gave a buy rating and a price target of $890.
Moreover, the company’s visual advertisements, Google Shopping, Google Plus and YouTube are also become more profitable by the given day.
In addition to the aforementioned apps and platforms, Google’s mobile operating system Android is one of the most profitable software in the world. It is adopted on a massive scale by a number of smartphone and tablet makers.