Article source
Bloomberg Businessweek
Article date
Mon, Feb 1, 2016
Google parent Alphabet Inc. is now the world’s most valuable company, stealing the crown from Silicon Valley rival Apple Inc. after reporting higher profit and sales fueled by a booming advertising business that’s supporting ambitious new projects.
Alphabet’s shares jumped 4.2 percent as the market opened Tuesday, pushing its market capitalization to $542.2 billion. The Web company had been inching closer to the iPhone maker in recent weeks as investors lost confidence in Apple’s smartphone business and wagered that Alphabet has a clearer path to growth. Apple first passed oil giant Exxon Mobil Corp. to become the world’s most valuable company in 2011.