Alphabet, Google’s parent company, briefly reached a market capital of $2 trillion. Although the tech giant's market capital is at a comfortable $1.98 billion, it climbed to $2 trillion Monday. The share price later closed at $2,987.03 per shares. Alphabet's market capital has nearly doubled since January 2020, when it was $1 trillion.
Alphabet's third quarter 2021 saw a record year, with a staggering $65.1 billion in revenue. According to the company, its revenue increased by 41 percent while profits rose by nearly 69 percent. Google Search reported a slight rise in profits, rising to $37.9billion from $35.8billion in the prior quarter. YouTube, another Alphabet business, made $7.2 billion in its most recent quarter.
Big Tech boomed during the pandemic. As companies around the globe moved from in-person to remote work environments, Google was able to reap the benefits of cloud storage subscriptions, digital ads, and other services.
Alphabet almost joined Microsoft and Apple as the only three US-based companies in the $2 trillion club. Apple reached the $2 trillion mark in April last year and Microsoft made it happen in June. Amazon is very close to joining the $2 Trillion club. However, its $1.7 trillion valuation still falls short.