Alphabet, the recently-created parent company of Google and other ex-Google subsidiaries, has just surpassed the market cap of Apple in after hours trading, making it the most valuable company in the world.
The rise in share price and market cap comes after Alphabet posted Q4 2015 financial results that surpassed expectations. The company recorded $21.3 billion in revenue for profits of $4.9 billion, up 18 and 5 percent respectively year-on-year, sending share prices up around six percent in after hours trading.
The rise in share price leaves Alphabet with a market cap of around $550 billion, slightly higher than Apple's market cap of $538 billion. It's the first time since 2010 that Google (now Alphabet) has surpassed the valuation of Apple, although both companies sit well behind Apple's all-time market cap record of $774 billion.
Alphabet investors don't appear to be overly concerned that the company is losing money on "other bets", which include all of the more innovative ideas spread across subsidiaries such as Google Fiber, Nest, Verily, GV and X. These bets cost Alphabet $3.56 billion over the entirety of 2015, although revenue of $75.5 billion and profit of $23.4 billion for the same period shows that the company isn't doing too badly at all.
After hours trading isn't always the best indication of a company's value, so it's unclear if Alphabet's enormous market cap will stay the same when trading resumes tomorrow. For now, though, the company has surpassed Apple; a significant milestone that will have executives celebrating tonight.