Google’s parent, Alphabet, is now the most valuable company

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The company announced a $4.9 billion profit, up from $4.7 billion at the same time a year ago. Following Tuesday’s rise, Google parent Alphabet was valued at $548bn to Apple’s $534bn. Despite the hopes, Apple’s iPhone 6s has been disappointing and resulted in near-term growth concerns for the company. Over the years, Google it’s grown into a company with diverse interests ranging from self-driving cars to home automation systems. Alphabet revealed it spent $3.56 billion on projects like self-driving cars , Internet-beaming drones and fighting cancer, in 2015. The core Google businesses had revenues of $74.5bn in 2015 and it made a profit of $23.4bn – more than $66.5m a day. The “other bets” category had revenues of $448m and lost $3.6bn.It’s estimated that however Apple will have a revenge with the iPhone 7 release.

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