Google Become World's Most Valuable Company Leaving Behind Apple
Alphabet, Google's parent company, is once again the most valuable company in the world, overtaking Apple.
Alphabet closed at $518 billion on Monday, but in after-hours trading on Monday, Alphabet spiked over 5% at one point following a strong earnings report, making Google worth roughly $544 billion. At that point, Apple's market capitalization stood at $534 billion.
Alphabet had already surpassed Apple briefly earlier this year.
Alphabet beat on both the top and the bottom line, posting earnings per share of $8.67, which beat analyst expectations of $8.09.
Alphabet's primary revenue-generating source is search engine Google. During Monday's earnings call, Google CEO Sundar Pichai noted that seven Google consumer products have more than 1 billion monthly active users, including Gmail, Google Search, Android, Maps, Chrome, Youtube, and Google Play.
Apple's stock was down Thursday morning on reports of a drop in iPhone chip shipments.
Of course, we'll see if sometime in future Alphabet will permanently overtake Apple.