Google’s holding company Alphabet has eclipsed $US1 trillion in valuation for the first time, based on the price of its listed shares.
It joins fellow tech giants Microsoft, Apple and Amazon in reaching the $US1 trillion mark.
In October last year, Alphabet revealed a 20 per cent increase in revenue from the previous quarter, with advertising accounting for $US33.92bn of the company’s $US40.49bn in quarterly revenue.
Despite the continued success of the advertising business, Alphabet is making a concerted effort to diversify the business’s sources of income.
The Pixel phone, Play Store and cloud products are all listed as “other revenue” by Alphabet, while the recent acquisition of fitness tracker company FitBit will add billions in hardware revenue.
Private investment firm J Stern & Co CIO Christopher Rossbach tipped these expansion efforts to help ensure the long-term success of the company.
“It is also disrupting new multitrillion-dollar markets, for example, healthcare, with this technology. Its sizeable investments give Alphabet a sustainable competitive advantage as it applies this technology across its business,” he said.
“Alphabet can be a $2tn company in the near future and is a compelling opportunity for long-term investors.”
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