Recently, Google’s shares reached a new milestone of $700. The recent Q3 earnings report, much-hyped mobile plan, and imminent social networking announcement were all major contributions to the higher share price.

In just 12 months, the stock has increased approximately 48%, most of which was gained since August 31st. But in order to match Microsoft’s high market cap, GOOG would have to rise an additional 50%.

In Google’s latest financial report, the company announced a 57% increase in revenues and an increased profit of 46%. Google Chairman Eric Schmidt stated, “We’re strong and getting stronger. What I am most pleased about is our model works.”

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