Alphabet, the new parent company of Google, is now the most valuable company in the world, surpassing rival and long time leader Apple.
The changing of the guard came following Google’s earnings call on Monday, which saw a boost to Google’s market cap, taking it above Apple.
This represents the first time in the history of the two companies that Alphabet (née Google) is now worth more than Apple.
An 18 per cent increase in revenue year on year beat Wall Street’s expectations and saw the company rise to a value of $560 billion in after hours trading, beating Apple’s market cap of $540 billion.
As this remains a very fluid situation, it’s possible Apple could regain the crown on Tuesday, leading to a back and forth battle between the two tech giants.
Apple had been the world’s most valuable company since it passed Exxon Mobil in 2011.
The news comes less than a week removed from Apple revealing its most rewarding quarter ever in terms of revenue, earnings and iPhone sales.
However, the slowing growth of the iPhone and the expectation for that trend to continue through 2016 has caused panic among some investors.
For Google, it appears to be almost instant validation of its decision to split up all of its interests and place them under the Alphabet umbrella.
It comes despite the announcement its “Other Bets” which include all of the moonshots recently removed from under the Google banner lost a whopping $3.57 billion during 2015.
Google’s earnings were largely driven by huge gains in revenue for mobile search ads and those served against YouTube video clips.