As of yesterday, Apple is officially no longer the most valuable company in the world. After a positive Q4 earnings report, Alphabet, aka the company formally known as Google, saw its shares soar in early trading on Tuesday, lifting its market capitalization past Apple’s.
As of 10:15 AM EST yesterday morning, Alphabet was valued at $553 billion, eclipsing Apple’s market capitalization by $25 billion. 12 months ago, Google trailed Apple’s valuation by $330 billion. Since then, the search giant’s market cap increased by more than 50 percent while Apple saw its valuation drop by 24 percent.
Apple had first become the world’s most valuable company in 2011, when it surpassed Exxon Mobil, the long-time leader in this category. After several comebacks from Exxon, Apple reclaimed the title in August 2013 and had been on top ever since. Until yesterday.