Google’s parent company, Alphabet, has hit a valuation of $2 trillion for the first time. Since the beginning of 2020 the company’s market capitalisation has nearly doubled, from just over $1 trillion. In the third quarter of 2021 the company had record setting results, netting a profit of $65.1 billion.
Read: TicWatch Pro 3 Review: Wear the Crown
In a matter of 12 months, the company’s revenue soared by 41 percent, while it was a lot more profitable, growing by 69 percent. In the most recent quarter YouTube, also an Alphabet company, also had explosive growth and earned $7.2 billion.
The pandemic has been a major driver in helping big tech companies achieve record setting profits, as most of the world needed to rely more on online-only business models. Google benefited significantly in the form of cloud storage subscriptions and digital ads.
Alphabet 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.
