Alphabet passes Apple to become world’s most valuable company

For the first time since 2010, Apple has lost the title of “World’s Most Valuable Company” as Alphabet Inc., Google’s parent company, has moved to the top of the heap.

Alphabet’s shares jumped $42.40, or 5.6 per cent, to $794.40 in aftermarket trading after the company’s results solidly beat analysts’ expectations.

Alphabet’s value has risen to $560 billion while Apple is now worth $538 billion.

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On Monday the company released its first quarterly earnings report since Google reorganized itself under the new company.

The earnings release spelled out the cost of running mostly experimental businesses that aim to do everything from eliminating the human driver to curing cancer. Those ventures posted an operating loss of $1.2 billion on revenue of $151 million in the fourth quarter.

Google, meanwhile, produced an operating profit of $6.8 billion on revenue of $21.2 billion.

With files from the Associated Press