Google on Friday announced to shut down the highly-controversial social networking product Google Buzz, along with several other services in the coming weeks, Xinhua reported. Google on its official blog, Google announced the death penalty to its code search engine, Buzz, Jaiku which let users send updates to friends. While the Google shares are up nearly 7% as the markets open on Friday.

After the close on Thursday, Google reported very strong third-quarter earnings. The company earned $9.72 per share which was 98 cents better than estimates. The stock has gapped up as much as 7.2% on Friday morning and it nearly came close to piercing $600 per share. “We had a great quarter,” said Larry Page, CEO of Google. “Revenue was up 33% year on year and our quarterly revenue was just short of $10 billion. Google+ is now open to everyone and we just passed the 40 million user mark. People are flocking into Google+ at an incredible rate and we are just getting started!”

He also noted that the company’s mobile advertising revenues are currently running at an annual rate of $2.5 billion, up 2.5x from about a year ago, when then-CEO Eric Schmidt put the annualized rate at $1 billion. Page would not go into any more detail on mobile ads, but $2.5 billion represents about 6% of revenue for a company on track to post revenues for the year near $40 billion. That’s beginning to be meaningful.

Investors quickly showed their approval as Google's stock price surged six percent. The stock climbed 33.37 to 592.36 dollars in extended trading after the release of results, which were contrary to R&D experts opinion. This is the fourth consecutive quarter the company showed improvement.