Alphabet Inc, the parent company of Google (NASDAQ:GOOG), has officially dethroned Apple (NASDAQ:AAPL) as the most valuable company in the world, after record-breaking earnings released today.
Apple has held the top-spot for multiple years running, but with revenues from iPhone sales falling and investors concerned about Apple’s future, combined with climbing profits from internet tech companies like Google, Apple’s reign at the top is now officially over.
Alphabet Inc reported a profit of $4.9 billion for the fourth quarter of 2015, as opposed to $4.7 billion in the previous quarter. The news puts the company’s worth at $568 billion, surpassing Apple’s $535 billion by quite a margin.
A breakdown of Alphabet’s earnings shows that while Google made huge profits, the company’s other businesses, such as self-driving cars and internet wi-fi programs, actually lost money overall.
Despite the losses, Alphabet’s share price soared to $750 per share. This is an increase of 850% since the firm first went public in 2004.
Tech giants have dominated the most valuable companies lists for decades. IBM (IBM)lost to Microsoft (MSFT), who in turn lost to Apple in 2010. Now it is Alphabet Inc who sit at the top. Analysts agree they are likely to remain there for some time to come.