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| Alphabet has a market capitalization of more than $2 trillion |
Alphabet became the third company with a market capitalization of more than $2 trillion as it took advantage of the new search ad crown epidemic that catapulted it into the ranks of Apple and Microsoft.
Driven by rising digital ad spending and the growth of its cloud business, Google's parent company briefly crossed the $2 trillion mark for the first time.
Its market capitalization has doubled from $1,000 billion since January 2020 to $2,000 billion in November 2021.
Alphabet is the best-selling company among the top five tech stocks in the US this year, and its 70% increase is largely due to growth in Google's advertising business.
Since the beginning of this year, the company's recent gains have seen the stock market rise 73%, or about $850 billion.
The company's prosperity stems from the fact that the resilience of advertising campaigns in the face of last year's economic downturn has exceeded many people's expectations, and with the recovery of economic growth, advertising campaigns rebounded sharply in 2021.
The shutdown cut the search giant's income for the first time. In the second quarter of last year it fell by 2%.
However, when marketers turned to e-commerce and digital advertising to make up for lost sales, there was a surprisingly strong recovery later this year.
There has been a broader rebound in search advertising this year, including in industries such as travel.
Alphabet joins Apple and Microsoft
Since the company reported surprisingly high earnings, its stock price has risen 7% in the past two weeks.
The company announced third-quarter revenue on October 26 that beat analysts' expectations. It generated $65.1 billion in profits. This reflects higher advertiser spending.
The company said it grew its sales by 41%. Although the profit increased by about 69%. Google's search revenue rose slightly to $37.9 billion from $35.8 billion in the previous quarter.
YouTube is another Alphabet subsidiary, with $7.2 billion in revenue last quarter.
Although the market value has taken another step forward, the value of the company, which is closer to the value of its main business, has fallen slightly.
After subtracting more than $100 billion of net cash on the balance sheet. On this scale, it came to about $1.93 trillion.