Alphabet, the parent company of Google, surpassed a market value of over $2 trillion after closing the stock market last Friday. This marks the first time the company has exceeded the $2 trillion mark after market closing, a feat that occurred amidst the trading activities of 2021 and the beginning of the past month.
The stock price of Alphabet increased by 9.97% last night to $173.69 per share, bringing the business value to $2.145 trillion.
The increase in Alphabet’s business value is attributed to the quarterly financial report released, which indicated higher revenue, profits, and better-than-expected current quarter forecasts. Additionally, the company announced its first-ever dividend payout of $0.20 per share.
Sundar Pichai, CEO of Alphabet and Google, stated in the earnings call that the company is well-positioned to be a global hub for AI technology. Google has a clear direction to leverage AI for innovations in advertising, cloud services, subscriptions, and enhancing AI in the Google Search service to support complex queries or explanations.
Source: Yahoo Finance
TLDR: Alphabet, Google’s parent company, surpassed a $2 trillion market value for the first time after the recent stock market closing. The rise in value was driven by strong quarterly financial results and plans to further invest in AI technology across various business sectors. Sundar Pichai emphasized Alphabet’s strategic focus on AI innovation during the earnings call.
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