Alphabet, Google’s parent company, has hit the $1 trillion mark in market share value, becoming the fourth US firm to hit that spot, after Amazon, Apple and Microsoft.
On Thursday, Alphabet’s shares rose 0.8% to $1,450.16, giving it a market capitalization of just over $1 trillion for the first time.
The company, which generates most of its revenue from Google’s advertising, search and YouTube, has also diversified to cloud services. According to a report from Alphabet, its revenue run rate from the service doubled from $1 billion to $2 billion per quarter between February 2018 and July 2019
Alphabet Inc. is an American multinational conglomerate. Its headquarters are in Mountain View, California. It was created through a corporate restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries.
Some of the companies which Alphabet owns include self-driving car technology business Waymo and health care software company Verily. It is also the world’s fifth-largest technology company by revenue and one of the world’s most valuable companies.