Google parent Alphabet has surged to a trillion-dollar market capitalisation for the first time, joining a rarefied group of mega-corporations at the zenith of American capitalism.
The tech titan has pleased investors with a flood of cash continuing to pour in despite recent concerns over brand safety, privacy and a €1.5bn EU fine over ‘illegal’ online ad contracts; passing a psychologically important barrier which puts it in the same league as Apple, Amazon and Microsoft.
This financial success is driven by the four pillars of Google’s business; search, advertising, YouTube and Android, with expectations high that its nascent Cloud business can establish itself as a fifth pillar after doubling revenues to $2bn between February 2018 and July last year.
Google’s stratospheric recent ascendancy is being attributed to the leadership of chief exec Sundar Pichai and follows a surprise decision of Alphabet’s co-founders Larry Page and Sergey Brin to stand down from the business.
Last year Alphabet posted a similarly barnstorming set of results with revenue jumping 26% to reach $31bn.