Google’s parent company Alphabet is now the most valuable company in the world, passing Apple in market capitalization today in after hours trading.
This is the first time since February of 2010 that Google has passed Apple in value. The Cupertino-based iPhone maker has held the top spot since 2013 when it passed Exxon Mobile, but thanks to a strong earnings report today, Alphabet has rocketed to the top.
Alphabet will officially take over the title as world’s most valuable company tomorrow when trading begins. Based on after market pricing though the company will be worth around $570 billion, compared to Apple’s value today of $538 billion.
Apple reported its biggest quarter ever last month during its Q1 2016 earnings call, with $18.48 billion in profit, which is the most a company has ever made in a single quarter. All that cash hasn’t satisfied investors though as iPhone sales are expected to decline for the first time ever in Q2 2016.
Google brought in about $74.5 billion in revenue and total income of $23 billion for all of 2015 to Alphabet. The company’s moonshot ideas cost a total of $3.6 billion last year.