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The last time the market capitalization of Google's parent company Alphabet briefly approached this figure was in 2021.
Google has spent the past year fighting the two biggest threats to its 25-year history—generative AI and increased regulatory scrutiny. The company had to adapt its products and teams to new challenges: the search engine changed, divisions merged, and eventually Google's own large language model, Gemini, came out after the initial failure with the Bard chatbot.
Google's value from 2014 to March 2024. 2021 saw the largest increase in market capitalization for the company, up 61.8% to $1.92 trillion (the highest in the company's history to date).
Yesterday Google announced its first-ever dividend payments and share buybacks worth $70 billion. As The Verge notes, investors appreciated these statements, so in the end the market capitalization of Google's parent company Alphabet exceeded $2 trillion — and still maintains this figure.
Shares of Google parent company Alphabet are up more than 23% this year and more than 59% over the past 12 months.
Google is now the fourth most valuable public company in the world, behind only Nvidia ($2.2 trillion), Apple ($2.6 trillion) and Microsoft ($3.0 trillion). Amazon is worth $1.8 trillion and Meta is worth $1.1 trillion.
Unlike Meta, whose share price fell 10% after Mark Zuckerberg said it would take years to make money from generative AI, Google says it is already finding ways to sell it, in including for advertisers.
Google made $23.7 billion in profit on a total of $80.5 billion in revenue, according to its financial report for the first quarter of 2024. Search and advertising revenue was up 14% from a year ago, and YouTube advertising revenue was up 21%; “subscriptions, platforms and devices” grew 18%, driven primarily by YouTube premium subscriptions.
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