The exclusive $1 trillion club on Wall Street just got a new member. Shares of Google parent company Alphabet hit a new all-time high Thursday, pushing the company’s market value to $1 trillion in the process.
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The co-founders of Google are stepping down as executives of its parent company, Alphabet, ending a remarkable two decades during which Larry Page and Sergey Brin shaped a startup born in a Silicon Valley garage into one of the largest, most powerful — and, increasingly, most feared — companies in the world.
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Alphabet, the parent company of Google, reported $39.3 billion in revenue for the final three months of 2018, an increase of 22% from the same period a year earlier. But costs rise and margin shrinks.
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Alphabet reported a net profit of $9.19 billion in the third quarter, up 37 percent from a year earlier. Quarterly revenue was $33.74 billion, an increase of 21 percent but slightly lower than analysts expected, pushing the company’s stock price down about 5 percent in after-hours trading.
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Less than a week after the European Union fined Google a record $5.1 billion for abusing its dominance in the smartphone market, Google’s parent company, Alphabet, made $3.2 billion in profits in its latest quarter.
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The FAANG stocks surged to new highs Wednesday, boosting the Nasdaq Composite as well.
Read MoreShareholders of Google parent Alphabet Inc. on Wednesday rejected several proposals aimed at linking executive pay to diversity goals as well as other issues.
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A close reading of Alphabet’s financial results for the first quarter of 2018 shows that the Silicon Valley giant is accelerating its efforts to diversify into other businesses.
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Imagine starting a network of autonomous air taxis, as Uber is planning to, but long before Uber actually does. That’s what Larry Page is trying to do.
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