After 2nd-quarter results, Google looks set to gain a record $50B in market value Friday

Industries Associated Press

Google is already one of the largest companies in the world, and on Friday it's making one of the largest stock market moves ever.

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The Internet giant reported strong second-quarter results on Thursday and its shares are up about 15 percent in afternoon trading. That pushed Google's Class A stock above $700 for the first time.

Google's market capitalization, already around $400 billion, rose $52 billion during the day, according to S&P Dow Jones Indices.

Including the gains in Google Inc.'s Class A and nonvoting Class C shares, that puts the company on pace for the biggest single-day market cap gain ever.

Not adjusting for inflation, the current record holder is Apple. Apple Inc.'s market cap rose $46.4 billion in value on April 25, 2012, after a better-than-expected first-quarter report.