Google is officially the most valuable company in the world beating Apple and the wall street expectations on earnings.
Google posted on Monday its earnings and revenue that topped analysts’ expectations, as advertising drove strong sales growth. Google reported fourth-quarter earnings of $8.67 per Class A share on $21.33 billion in revenue. Total sales rose 18 percent from the previous year, as advertising revenue climbed 17 percent. Analysts expected Alphabet to post earnings of $8.10 per Class A share on $20.77 billion in revenue, according to a consensus estimate from Thomson Reuters.
It’s the first time Google reported its quarter earning in two segments, with separate figures its core business and “Other Bets” projects which include self-driving cars project, Google Fiber and home accessory maker Nest Labs and the secretive “X. Goolge named these projects as “Other Bets”
“Our very strong revenue growth in Q4 reflects the vibrancy of our business, driven by mobile search as well as YouTube and programmatic advertising, all areas in which we’ve been investing for many years,” said Alphabet Chief Financial Officer Ruth Porat in a statement.
Its shares jumped as much as 9 percent before giving up some gains. It reached a level at which it would surpass Apple as the most valuable U.S. company by market cap if it opened there on Tuesday.
Earlier today investors and analysts were wondering if Google can become the most valuable company in the world, sure it can!