This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Tuesday 02 Feb 2016 - 19:10 Makkah mean time-23-4-1437
New York, (IINA) - Alphabet, the parent company of internet giant Google, surpassed Apple as the world's most valuable company on Monday, when investors snapped up stock after the company announced fourth-quarter earnings of nearly 5 billion dollars, DPA reported.
The net earnings of 4.9 billion dollars were an increase from 4.7 billion in 2014 while revenue rose by 18 percent on the year-on-year chart to 21.3 billion dollars.
Daniel Saurenz, an analyst with Feingold Research, said the news beat even the most ambitious expectations and that the news sent the company's shares skyrocketing.
In after-hours trading, Alphabet shares shot up as much as 8 percent, boosting the business's market value as high as 570 billion dollars, rivalling Apple's current value of 533 billion.
Saurenz said that this is the first time that a company that does not sell a physical product has been the world's most valuable.
Google formed Alphabet in August 2015 to house Google and its other companies, including side projects from space exploration to self-driving cars. The search engine still represents by far most of the company's earnings.
Advertising revenues for Google and its YouTube, Gmail and Android subsidiaries rose 17 percent on the year-on-year chart to reach 19 billion dollars, while the side projects, which the company calls ‘Other Bets’, lost more than 3.5 billion dollars.
AG/IINA
|
No comments:
Post a Comment