Alphabet, the holding company formed by Google in August, was the center of attention on Monday after disclosing the results of its Q4 2015 operations. Revenue in the quarter came in at $21.3 billion, an 18% jump over the same period a year prior. It was enough to push Alphabet to nearly $5 billion in net income.
The spot formerly held by Apple as the most valuable company is the world now belongs to Alphabet.
Alphabet’s market cap sits at $558 billion, putting it higher than Apple’s $535 billion. This figure values a publicly traded company by multiplying its share price with the number of shares issued.
Google CEO Sundar Pichai was ecstatic to announce Gmail is joining Android, Chrome, Google Search, Google Play, Google Maps, and YouTube as services with one billion monthly active users.
Ruth Porat, Alphabet’s CFO, said the following about the company’s performance to finish off the year:
“Our very strong revenue growth in Q4 reflects the vibrancy of our business, driven by mobile search as well as YouTube and programmatic advertising, all areas in which we’ve been investing for many years. We’re excited about the opportunities we have across Google and Other Bets to use technology to improve the lives of billions of people.”
Other Bets, which includes highly ambitious projects, made $448 million in 2015 but didn’t come in profitable. Although Google Fiber and Nest contributed to most of that, Alphabet saw the group lose money. The company notes that it will continue to invest in Other Bets as long as its core business continues succeeding.