surge in stock price was fueled mainly by individual investors, as opposed to large institutional investors and mutual funds. GOOG shares split into GOOG class C shares and GOOGL class A shares. The company is listed on the NASDAQ stock exchange under the ticker symbols GOOGL and GOOG, and on the Frankfurt Stock Exchange under the ticker symbol GGQ1. These ticker symbols now refer to Alphabet Inc., Google's holding company, In the third quarter of 2005, Google reported a 700% increase in profit, largely due to large companies shifting their advertising strategies from newspapers, magazines, and television to the Internet. For the 2006 fiscal year, the company reported $10.492 billion in total advertising revenues and only $112 million in licensing and other revenues. In 2011, 96% of Google's revenue was derived from its advertising programs. Google generated $50 billion in annual revenue for the first time in 2012, generating $38 billion the previous year. In January 2013, then-CEO Larry Page commented, "We ended 2012 with a strong quarter ... Revenues were up 36% year-on-year, and 8% quarter-on-quarter. And we hit $50 billion in revenues for the first time last year – not a bad achievement in just a decade and a half." Google's consolidated revenue for the third quarter of 2013 was reported in mid-October 2013 as $14.89 billion, a 12 percent increase compared to the previous quarter. Google's Internet business was responsible for $10.8 billion of this total, with an increase in the number of users' clicks on advertisements. By January 2014, Google's market capitalization had grown to $397 billion. Tax avoidance strategies Google uses various tax avoidance strategies. On the list of largest technology companies by revenue, it pays the lowest taxes to the countries of origin of its revenues. Google between 2007 and 2010 saved $3.1 billion in taxes by shuttling non-U.S. profits through Ireland and the Netherlands and then to Bermuda. Such techniques lower its non-U.S. tax rate to 2.3 per cent, while normally the corporate tax rate in, for instance, the UK is 28 per cent. This has reportedly sparked a French investigation into Google's transfer pricing practices. In 2020, Google said it had overhauled its controversial global tax structure and consolidated all of its intellectual property holdings back to the US. Google Vice-president Matt Brittin testified to the Public Accounts Committee of the UK House of Commons that his UK sales team made no