Who: Alphabet Inc.
What: Became world’s most valuable company
When: 2 February 2016
Shares of Alphabet Inc. opened nearly 3 percent higher on 2 February 2016 to become the world’s most valuable public company, replacing Apple Inc.
The shift occurred in extended trading of 1 February 2016 after Alphabet released a fourth-quarter earnings report that highlighted the robust growth of the digital ad market.
At after-hours levels (which technically reflect an indication, but not the real-world value) of 1 February 2016, Alphabet’s market cap hit about 570 billion US dollars, eclipsing Apple’s market cap of roughly 535 billion US dollars. Shares of Apple opened down nearly 1 percent on 2 February 2016.
Alphabet Inc. earned 4.9 billion US dollars on revenue of 21.3 billion US dollars in the fourth quarter.
About Alphabet Inc.
• Alphabet Inc. is an American multinational conglomerate created in 2015 as the parent company of Google and several other companies previously owned by or tied to Google.
• The company is based in California and headed by Google’s co-founders, Larry Page and Sergey Brin.
• The reorganization of Google into Alphabet was completed on 2 October 2015.
• Following the restructuring, Page became CEO of Alphabet while Sundar Pichai took his position as CEO of Google.
• Shares of Google’s stock have been converted into Alphabet stock, which trade under Google’s former ticker symbols of GOOG andGOOGL.