Google has surpassed Apple as the most valuable company in the world.
Alphabet, the holding company formed by Google last fall, handily beat analysts’ expectations in its quarterly earnings report Monday. The results sent the company’s stock soaring in after-hours trading, helping it topple Apple as the most valuable publicly traded company in the world.
The Mountain View, Calif. firm generated $21.3 billion in revenue, beating Wall Street estimates of $20.8 billion. Earnings were $8.67 per share, beating estimates of $8.09 per share. The company attributed its strong revenue growth to search ads, YouTube and programmatic advertising.