Google shares soar in Q1

Google's stock prices are poised for another burst of euphoria after the online search engine leader delighted investors with first-quarter earnings that erased recent doubts about its growth, an Associated Press report said.

The report said Wall Street celebrated by driving up Google's shares by as much $35.72, prompting some analysts to predict it would not be long before the company's stock price surpasses $500 for the first time.

But just because Google shares were flying high again did not mean there would not be more turbulence ahead, reviving some of the concerns that caused the stock price to plummet from its peak of $475.11 in January to $331.55 in March, a 30% swing affecting nearly $45 billion in shareholder wealth, the report said.

Google injected even more optimism into analysts' already bright outlooks by reporting a 60% increase in its first-quarter profit, the report said

The report said the earnings topped the average analyst estimate by an extraordinary $0.32 per share. Revenue surged 79% to $2.25 billion, an astounding growth rate for a company as large as Google.