Google beats Apple to become world’s most valuable company

Google has surpassed Apple as the most valuable company in the world.

After-hours trading on Monday knocked the iPhone maker from the top spot that it has held for the better part of four years.

 

The change may signal the passing of the technology baton to Alphabet – formerly known as Google – from Apple, which surged past Microsoft Corp in market value in 2010. Microsoft in turn eclipsed International Business Machines Corp two decades ago.

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It is not without piquancy for Apple and Alphabet, which worked hand-in-hand to develop mobile computing, but fell out bitterly after Google launched its own Android mobile operating system in 2008. Google’s then-CEO Eric Schmidt left Apple’s board the following year.

 

The two companies’ operating systems and apps are in direct competition with each other and Apple is still in litigation with Samsung Electronics, the biggest Android smartphone maker.

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Alphabet shares jumped six per cent on Monday after reporting strong quarterly earnings after the bell, making its combined share classes worth $554 billion, compared with Apple, which had a value of about $534 billion.

 

Apple shares dipped last week after reporting the slowest-ever increase in iPhone shipments and forecasting its first revenue drop in 13 years.

 

‘This makes Alphabet an even stronger bellwether for investors to watch,’ Scott Fullman, chief strategist at Revere Securities Corp, after the earnings on Monday. ‘The company has been tracking very well given the volatility in the market, dominated by falling energy prices and weakness from China.’