Google-parent Alphabet edges Apple to become world’s most valuable firm as shares hit US$791 in after-hours trading
Alphabet’s quarterly profit rose 5 per cent to US$4.92 billion on back of strong online advertising revenue
Google-parent Alphabet snatched Apple’s crown late Monday as the world’s most valuable firm based on the value of shares that leapt with better-than-expected earnings.
At the official close of trade, Alphabet was worth US$530.1 billion based on its share value, compared to US$534.7 billion for Apple, but shares in the internet search colossus soared in after-hours trading to reach US$791.
If those gains hold in official trading when the Nasdaq opens in New York City on Tuesday, Alphabet would officially overtake Apple as the world’s biggest company by market value.
Alphabet’s reported quarterly profit rose five per cent to US$4.92 billion on the back of strong online advertising revenue, particularly from searches done by holiday season shoppers using smartphones or tablets.
“This holiday season, we found that shopping moments replaced shopping marathons,” Google chief executive Sundar Pichai said during an earnings call.
People made purchases online when time allowed, with Google powering many of their searches and serving up related ads.