Google’s parent-company Alphabet has become the fourth company in history to hit a market capitalisation value of $1 trillion, CNBC reports. It follows Apple, which reached the milestone in 2018, Microsoft and Amazon. Apple and Microsoft are still valued at more than a trillion dollars, but Amazon has slipped back. Google passed the $1 trillion figure in the final few minutes of trading last night, at its stock price closed at a record high of $1,450.16.
Google’s success has been built off the back of its search, advertising, YouTube and Android divisions, but its cloud business is also growing fast, having doubled its revenue run rate from $1 billion to $2 billion per quarter between February 2018 and July 2019.
Analysts are also very happy with the way Alphabet CEO, Sundar Pichai, is running the business after he took over the reins in December, when Google co-founders Larry Page and Sergey Brin surprisingly announced they were stepping down.