Google (Nasdaq: GOOG) is getting a bump in the stock market on Monday, likely in reaction to the big news announcements it’s made at Mobile World Congress in Barcelona.
The Google stock price was up about 2 percent, to $569.74, as of mid-afternoon Monday.
Update: Shares in Google closed up 2.3 percent on Monday, to $571.34 a share.
The stock price increase may be fueled in part by excitement over Google’s plans to create a wireless network of its own. The plan is to create a Google network on top of a traditional phone network, becoming a mobile virtual network operator by buying access to established networks and then selling its own data and talk plans. Google senior vice president Sundar Pichai announced the plan at the Mobile World Congress on Monday morning.
Adding a wireless service fits with Google’s increasing presence in the tech infrastructure side of the industry with its television and Google Fiber Internet and likely drew the attention of investors thinking Google may have hit on its next big thing, especially with the additional announcement of an Apple Pay competitor called Android Pay marking Google’s entrance into the mobile payment battlefield.
Google was noticeably more understated in its decision to break up and change how its social network Google+ operates. The service has never exactly caught on, despite valiant efforts by Google to encourage interest or appeal to different audiences. Now the photography aspect of the platform will become its own element named Photos, while the rest of the service will carry on under the name Streams.
There may not be a direct relation between all of the news and the uptick in Google’s stock price, but it’s definitely a good start to the week for the Internet giant.