Alphabet Inc achieves $2 trillion market valuation

Google’s custodian company, Alphabet Inc., exceeded on Monday its previous cap by hitting a $2 trillion market value, closing the trading day at $2,987 per share., according to Nasdaq.

The Big Tech conglomerate surpassed last year’s market valuation by doubling its $1 trillion since January 2020. Now, in its third quarter (Q3), the tech behemoth hit an all-time high record for its latest quarter by attaining a condensed revenue earning of $65.1 billion.

This growth resulted in a 41 percent surge in revenue, with profit leaping by 69 percent, reaching $18.9 billion.

As for Google Search, the platform witnessed a climb in profit of $37.9 billion compared to last quarter’s $35.8 billion. In parallel, YouTube, Alphabet’s video platform, landed $7.2 billion in its Q3.

The tech titan reached an all-time high in stock value of $3,020, with a share volume of 919,407 with $103.84 Earnings Per Share (EPS), according to Nasdaq as of time of writing.

This upsurge in the conglomerate’s Q3 revenue puts Alphabet in the $2 trillion league, joining software developers Apple and Microsoft.

As of April 2020, the iOS developer hit its first mark, while the Windows architect reached its market valuation in June of the current year.

The overshadowing of the COVID-19 pandemic empowered Big Tech firms to flourish in its market. With the global switch from office-based work to hybrid, in addition to cloud-based work ecosystems, these companies profited immensely from digital ads and cloud storage subscriptions.

And Google was one of the leading beneficiaries.