Alphabet, the parent company of Google, became only the third company in the world to cross a market capitalization of $2 trillion, joining Microsoft ($2.522tn) and Apple ($2.47tn) in trading.
Since then, the share prices have fallen slightly to $2,985, thus reducing the value to 1.98 trillion. On Monday, it had reached $3,012 per share. Alphabet’s market cap has doubled from $1 trillion since January 2020.
The company posted all-time record revenue of $61.9 billion for the July-September quarter, along with record profits at $18.9 billion.
Apple hit the mark in April 2020, while Microsoft reached the $2 trillion mark in June this year.
Amazon is the fourth company nearing the $2 trillion mark –, its market capitalization stood at $1.813 trillion.
The Elon-Musk-owned Tesla, despite a sharp fall in share prices lately, is valued at $1.027, making it the fifth and last company in the trillion-dollar club.
Google – Alphabet’s biggest company – maintained its position as the top earner of global advertising revenue. Last year, the company earned 27.5% of net global advertising revenue, almost five percent ahead of Facebook (22.3%).
The world’s largest provider of search and video advertisements reported a 68.4% jump in third-quarter net profit to $18.9 billion for the month ending September.
YouTube, which Alphabet purchased in 2006 for $1.65bn, added $7.2bn to the company’s revenue.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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