Google’s parent company, Alphabet Inc. is now the world’s most valuable company thanks to its outstanding quarterly profits announced yesterday.
After the company’s announcement on its 2015 fourth quarter profits, its share price jumped as investors began to see more room for growth within the business.
Net income in the fourth quarter rose to $4.92 billion as Google’s advertising revenue increased nearly 17 per cent to $19.08 billion. At the same time, the number of ads, or paid clicks, rose 31 per cent, the company said.
Alphabet’s combined share classes were worth $555 billion, compared with Apple, which had a value of about $534 billion.
Alphabet will officially overtake Apple in market value if both companies’ shares open around current levels today.
However, the company also recorded some losses through its other ambitious projects like the internet balloon, glucose monitoring contact lenses and self-driving cars all of which cost the company $1.2billion in losses in the fourth quarter alone.