Monday, December 4, 2023
 
 

Google parent Alphabet becomes $1 trillion company

EPA/JUSTIN LANE
A file photo dated 18 October 2013 showing a view of the Google offices in New York, New York, USA. Alphabet, the parent company of internet giant Google, surpassed Apple as the world's most valuable company 01 February 2016, when investors snapped up stock after the company reported fourth-quarter earnings of nearly 5 billion dollars. The net earnings - 4.9 billion dollars to be precise - were an increase from 4.7 billion the year before. Revenue rose 18 per cent year-on-year to 21.3 billion dollars. Daniel Saurenz, an analyst with Feingold Research, said the news beat even the most ambitious expectations. The news sent the company's shares skyrocketing. In after-hours trading, Alphabet shares shot up as much as 8 per cent, boosting the company's market value as high as 570 billion dollars, rivalling Apple's current value of 533 billion.

- Advertisement -

Google’s parent company, the online giant Alphabet Inc., achieved a $1 trillion market value on 16 January.
Shares in Alphabet rose 0.76% for the day to reach the trillion-dollar cap at the close of trade. With this, it joined giants Apple, Amazon and Microsoft as the fourth company to achieve such a market value. Apple and Amazon reached $1 trillion in 2018, while Microsoft did it last year.
Alphabet was formed as a holding company in 2015. It does ambitious research projects, including artificial intelligence and driverless vehicles.
Last month, Alphabet announced that the co-founders of Google, Larry Page and Sergey Brin, have stepped down from their executive positions at the company, and that Google chief executive Sundar Pichai would take over as the CEO.
“I want to be clear that this transition won’t affect the Alphabet structure or the work we do day to day”, Pichai said. However, the announcement raised speculation on whether Alphabet plans to reorganise.
The next company expected to reach a $1 trillion market value is Facebook, which was at about $620 billion on 16 January.

- Advertisement -

Subscribe to our newsletter

Latest

Ukraine, Middle East will dominate Cameron’s UK foreign policy agenda

David Cameron, who was made Foreign Secretary in a...

What will it take to prevent a Gaza reconstruction fiasco?

Let us be unequivocal about the current war between...

Ukraine’s persecuted mayor

Lest it be forgotten, the major thematic issue in...

Don't miss

Ukraine, Middle East will dominate Cameron’s UK foreign policy agenda

David Cameron, who was made Foreign Secretary in a...

What will it take to prevent a Gaza reconstruction fiasco?

Let us be unequivocal about the current war between...

Ukraine’s persecuted mayor

Lest it be forgotten, the major thematic issue in...

Cameron’s return as Foreign Secretary raises UK’s international profile

David Cameron, who was made foreign secretary in a...

Can Central Asia escape China’s debt trap?

While Washington focuses on the war in Ukraine, Russia and China seek to expand their influence in regions where the US is not sufficiently...

GoatChat AI founder believes technology has ‘limitless’ potential

Artificial intelligence, including generative AI systems based on models that include ChatGPT, has grown rapidly and opened up immeasurable opportunities for businesses, better governance,...

New study finds strong public support for advanced nuclear energy

A new, multinational report released today found that there is widespread public support for using advanced nuclear energy technologies to generate electricity. Based on...

Silicon Valley Bank financial contagion contained – for now

The world’s top policymakers and international financial leaders acted effectively in the days following the collapse of California’s Silicon Valley Bank. They appear to have dealt positively with the risk of wider global financial contagion.

A new research and innovation agenda is needed for the Mediterranean

There is no doubt that innovation is a necessity in contemporary economies. Investment in research and development (R&D) is essential for firms and countries...

Kazakhstan’s president proposes Constitutional reforms referendum

Kazakhstan’s President Kassym-Jomart Tokayev proposed on April 29 holding a referendum in the Central Asian country on the draft amendments to the Constitution and...

Interview: Information Technologies to drive Uzbekistan’s development, attract foreign investors

Uzbekistan’s Development of Information Technologies Minister Shermatov Sherzod, in an exclusive interview with NE Global during the first Tashkent International Investment Forum, presented different...

The Pandora Papers: Exposing Iran’s clandestine financial system

As the international community continues to coordinate a response to the recent Russian invasion of Ukraine, longstanding debates surrounding sanction efficacy and compliance have...