NEW YORK: Alphabet, parent company of Google, looks set to take the crown from Apple and become the world’s most valuable company.
The tech company announced better than expected results on Monday and gave investors their first proper look under the hood at the engine that drives its business. Operating income from its core businesses rose 23% in 2015. Investors liked what they saw and shares spiked 8% in after-hours trading.
Alphabet closed the trading day valued at $518bn, behind Apple’s $538bn. But if it holds on to that gain once trading begins again Tuesday, it would be worth close to $560bn – the company first broke the half-trillion marker in October.
Wall Street has fretted for years about how much the core Google business was being used to fund founders Larry Page and Sergey Brin’s ambitions to grow new businesses in robots, self-driving cars and spaceships.
For the first time the company’s core business was broken out from its big-swing “moonshot” projects, allowing investors to see inside the tech giant with a little more clarity, and they like it a lot.
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