Follow Theverge, Alphabet’s value has doubled from the $1 trillion the company made in January 2020. This is partly thanks to the record third quarter revenue that Alphabet achieved when it brought in $ 65.1 billion.
The company reported a 41% increase in their revenue, while profits increased by almost 69%. Google Search saw a slight increase in profits, from $35.8 billion last quarter to $37.9 billion. Alphabet’s other subsidiary, YouTube, earned $7.2 billion in its most recent quarter.
Alphabet becomes the third US company to reach a market capitalization of 2 trillion USD
It is known that during the Covid-19 pandemic, Big Tech businesses have received a lot of attention from customers. As companies worldwide move from in-person workplaces to remote and cloud-based environments, Google has benefited greatly from relying on cloud storage services and digital advertising.
As such, Alphabet becomes the latest US-based company to join the $2 trillion club, following Apple and Microsoft. Apple hit the $2 trillion mark in April last year, while Microsoft hit $2 trillion in June of this year. Amazon is also about to join the $2 trillion club, despite its current valuation of $1.7 trillion.