The new largest company in the world boasts a name you may not have heard of. With a pop in its stock on Monday after the company reported earnings and revenue that beat Wall Street’s consensus, Alphabet, the parent company of Google, has surpassed Apple Inc. as the most valuable publicly-traded company in the world. It now has a market capitalization of nearly $565 billion, as opposed to $539 billion for Apple.
Since Alphabet reported strong second-quarter profits in the middle of last July, the stock has surged 28 percent. Meanwhile Apple shares have fallen 25 percent over that time frame, amid concerns about slowing sales of the iPhone.
Alphabet is now the 12th company to achieve the title of the S&P 500’s most valuable company in the history of the index. Aside from Apple, other companies that have held the crown include Exxon Mobil Corp., IBM and Microsoft.