The tech giant Google’s parent company Alphabet momentarily achieved a market capitalization of $2 trillion, joining Apple and Microsoft in the $2 trillion Club.
Since January 2020, Alphabet’s market capitalization has grown from $1 trillion. Alphabet earned $65.1 billion in the third quarter of 2021. According to the company, revenue increased by 41 percent, while profits increased by over 69 percent.
Alphabet, the world’s largest provider of search and video advertisements achieved the market cap with the strong performance of Google Services, which includes ads, Android, Chrome, hardware, Maps, Search, Google Play, and YouTube.
Despite pandemic-led disruptions, Google maintained its position as the top earner of global advertising revenue. Google Search’s profit increased marginally, climbing to $37.9 billion from $35.8 billion in the previous quarter. YouTube earned $7.2 billion in the recent quarter.
Big Tech has thrived throughout the epidemic, and as companies around the world transitioned from in-person to remote, cloud-based work environments, Google gained from cloud storage subscriptions and digital advertising.
Apple hit the $2 trillion thresholds in August of last year, while Microsoft joined the club in June of this year. Amazon is close to joining the $2 trillion club, but its current $1.7 trillion valuation falls just a bit short.
Last month, Alphabet announced that its profits jumped to $18.9 billion. The company recorded a 68.4 percent jump in third-quarter net profit on an annual basis, nearly $7.7 billion more than the same period last year. It was nearly 2.2 percent up on a quarterly basis.
The company has expanded its portfolio and established various new revenue streams since its inception in 1998. With its continued growth, the company has also attracted antitrust lawsuits and the scrutiny of federal and state investigators.