(RTTNews) – Alphabet Inc. (GOOGL, GOOG), the parent company of search giant Google, has surpassed retail giant Amazon Inc. (AMZN) on a market-capitalization basis.
Last Friday, Amazon closed at $1.616 trillion at the bell, Google’s market capitalization was $1.622 trillion. This makes Alphabet the third most valuable company in the US market after Apple Inc. (AAPL) and Microsoft Corp. (MSFT). While Amazon is $1.613 trillion at the bell, Google’s market capitalization is $1.632 trillion as of Monday.
Apple leads the way with $2.101 trillion, followed by Microsoft’s at $1.912 trillion, with the Windows maker set to become the second US company after Apple to breach the $2-trillion mark.
This is the first time Alphabet has managed to surpass Amazon on a market cap basis in 16 months.
Created in 2015, Alphabet is essentially a holding company for Google, which generates most of its revenue and profit. Although Google has invested in different areas of technology, including mobile phones, artificial intelligence, self-driving cars, and health technology, its key money-generating business continues to be online advertising, driven by its dominance in the search industry.
For the recent first quarter, the company reported revenue growth of 34 percent to $55.31 billion, of