Google’s parent company briefly hits $2 trillion valuation

Alphabet, Google’s parent company, briefly hit a market cap of $2 trillion. The tech behemoth’s market cap is currently at a comfortable $1.98 trillion, but crept over the $2 trillion mark midday Monday, later closing out at $2,987.03 per share. Alphabet’s market cap has just about doubled from $1 trillion since January 2020.

In the third quarter of 2021, Alphabet had a record quarter, earning a hefty $65.1 billion. The company reported that its revenue soared by 41 percent, while its profits jumped by almost 69 percent. Google Search saw a slight increase in profit, climbing to $37.9 billion from $35.8 billion in the previous quarter. YouTube, another Alphabet company, earned $7.2 billion in the most recent quarter.

Throughout the pandemic, Big Tech has boomed, and as companies across the world shifted from in-person workplaces to remote, cloud-based work environments, Google benefited in the form of cloud storage subscriptions and digital ads.

Alphabet nearly joined Apple and Microsoft as one of three US-based companies that are part of the exclusive $2 trillion club. Apple hit the mark in April of last year, while Microsoft reached $2 trillion this past June. Amazon is close to joining the $2 trillion club, but its current $1.7 trillion valuation falls just a bit short.

Main Image: The New York Times