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.
Get weekly money news
READ MORE: Google’s ‘SkyBender’ project aims to deliver 5G Internet from drones: report
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.
- Rollie Miles Park rec centre plans remain in limbo after City of Edmonton update
- Ruth’s Pantry helps Edmonton families with food insecurity: ‘Means a lot to us’
- Major changes in store for Memorial Drive as part of east Calgary development
- Addiction experts say recent flood of gambling ads a problem for some Albertans
Google, meanwhile, produced an operating profit of $6.8 billion on revenue of $21.2 billion.
With files from the Associated Press
Comments
Want to discuss? Please read our Commenting Policy first.