Google shares are up an insane 14%

Shortly after the market open on Friday morning, shares of Google were up an incredible 14%.

This is an addition of nearly $50 billion in market cap, or more than the entire market cap of Twitter and basically equal to the most recent valuation for Uber.

Google shares were trading hands near $686 per share in early trading on Friday, a record high.

On Thursday after the market close, the company reported earnings per share of $6.99, better than the $6.73 that was expected.

Revenue came in a little light, hitting $17.7 billion against expectations for $17.8 billion. Ex-TAC, or traffic acquisition costs. In the second quarter, cost per click, or how much Google can charge for its ads, was down 11% against the prior year.

On the company's earnings conference call, new CFO Ruth Porat - who joined Google from Morgan Stanley in May - said YouTube growth had accelerated, with watch time on the video-streaming site up 60% year-over-year, the fastest rate in two years.

And so after Google stock had kind of been doing nothing for the past year or so, investors are pumped about this most recent quarter.