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    You are at:Home»Brands»Alphabet hits $2 trillion in market value

    Alphabet hits $2 trillion in market value

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    By Tapiwa Matthew Mutisi on November 9, 2021 Brands, Business, Google, Internet, Stock Market, Technology

    Alphabet, Google’s parent company, briefly hit a market cap of $2 trillion for the first time, fueled by a rebound in spending on digital ads and growth in its cloud business. 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.

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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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