Google's Market Capitalization Hits $2T
This financial milestone places Google among the world's most valuable companies
April 28, 2024 10:52 AM
Reading time: 1 minute, 34 seconds
TL;DR Google, a titan in the technology sector, has surpassed a $2 trillion market capitalization, marking a significant milestone. The company's shares saw a nearly 10% gain on Friday, with over 66% gains year-over-year, propelled by outstanding quarterly results.
Alphabet Inc. (Google) achieved a historic milestone by closing the market with a valuation exceeding $2 trillion on Friday. CompaniesMarketCap documented the Google milestone, placing Google's market cap at $2.144 trillion at the week's close.
The stock market aggregator highlighted that the company's shares closed at $173.69, showcasing nearly 10% gains on Friday and an impressive 66% gain year-over-year, ranking it among the fourth most valuable stocks globally.
Impressive Quarterly Results Fuel Surge As reported by Finbold, Google announced its quarterly earnings on April 25. The company revealed revenue of $80.54 billion—2.34% above the anticipated $78.70—and earnings per share (EPS) of $1.89, surpassing forecasts by a stunning 25.61%.
These results, exceeding expectations, likely contributed to the subsequent surge in stock prices, enticing investors with the prospect of dividends.
A Closer Look at Google's Stocks The Nasdaq exchange index listed Alphabet's Class A common stock (NASDAQ: GOOGL) at a $2.137 trillion market cap, while its Class C capital stock (NASDAQ: GOOG) closed even higher, at $2.159 trillion.
This distinction in stock classes showcases a slight price variation, with Class C stocks leading. Despite this, both stock classes exhibited similar bullish behavior in the market, underlining the strong investor confidence in Google's ongoing growth and stability.
Market Reactions and Future Prospects Gurgavin Chandhoke, CEO at uINVST, celebrated Google's achievement, signaling a positive market response. Investors and analysts alike now keenly observe Google's stock, speculating on its potential heights following this valuation milestone.
With shares up nearly 25% year-to-date and the market entering a price discovery phase, the anticipation around Google's future performance is palpable.
A Benchmark for the Tech Industry Google's ascendancy to a $2 trillion market cap underscores its dominant position in the technology sector and sets a benchmark for other companies aspiring to achieve similar valuations.
As the company continues to innovate and expand its reach across various sectors, its stock performance will be a critical indicator of its long-term success and impact on the global economy.
