Google's announcement of its second-quarter financial results has led to the company's shares reaching a record high. The market value of the search giant increased by billions following the financial report announcement.

Google announced its Q2 financial report on Thursday, July 16, and reported revenue of $17.7 billion in the quarter, which is 11 percent higher than Q2 2014 and 3 percent higher than Q1 2015.

On July 17, the company's shares hit a record high of $703, and the company was valued at $471.5 billion. On Friday, Google's shares closed at $699.62, an increase of 16.3 percent, which added $65 billion to the company's market value. The increased financial worth has made Google the second most valuable company just after Apple.

The site revenues of Google were $12.4 billion, which is up by 13 percent year-over-year. Google Networks also had increased revenues of $3.6 billion, up by 2 percent year-over-year. The total of the two brought the advertising revenues to $16 billion, which is up by 11 percent year-over-year.

Other revenues of the company, which includes Google Play store and Google's enterprise revenues, were $1.704 billion, which is also up by 17 percent year-over-year.

Google reported operating expenses of $6.31 billion, which is down from $6.5 billion in comparison to Q1 of this year. However, the operating expenses in Q2 2014 was $5.58 billion.

Q2 was the first quarter under Ruth Porat, CFO of Google, who joined the company in May this year. Investors of the company felt encouraged by the financial report as well as Porat's leadership.

"Our strong Q2 results reflect continued growth across the breadth of our products," said Porat. "We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation."

Mobile and YouTube were the highlights in Google's Q2 financial results. Internet users in 10 countries made more searches via their mobile devices than from a PC, which is one of the reasons why Google is focusing more on mobile business.

YouTube's average viewing time also increased by over 40 minutes during the quarter, which is up by more than 50 percent in comparison to Q2 2014. People between 18 and 49 years old preferred watching YouTube to cable TV.

Adjusted earnings was $6.99 per share beating analysts' forecast of $6.70 per share.

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