Alphabet Inc. became world’s most valuable company

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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.