Alphabet shares soared more than 8% after the company reported record quarterly sales that beat expectations.
This pushed the company to soon reach a market valuation of $2 trillion, and the company’s stock market value peaked at just over $2 trillion after trading began, according to the trading session.
With just over $2 trillion, Alphabet is in a league with Apple and Microsoft, the companies with more than $2 trillion in market capitalization.
Despite legal battles over privacy and antitrust concerns, Alphabet has seen steady valuation growth over the past two years.
Responding to Alphabet’s growth, Russ Mould, investment director at AJ Bell, said: “The technology sector started 2022 with some of the biggest question marks over it since the dotcom crash more than two decades ago. However, the largest and highest quality U.S. tech names continue to deliver the answers the market wants with big earnings beats.”
Alphabet also announced a 20-to-1 stock split, giving shareholders 19 shares for every share they hold.
For more information, read the original story in Reuters.