Google’s parent firm Alphabet may soon be valued higher than Apple, which is the world’s most valuable company, AP reported. Before Google reorganised itself under the holding company 13 months ago, Apple had a market value of $643 billion, nearly twice that of Google’s $361 billion. However, the market value of Alphabet stood at $515 billion at the end of trading on Thursday, while Apple valued at $522 billion.
The news of this possible dethroning follows Apple’s announcement on Tuesday that iPhone sales had dropped for the first time since the smartphone was launched in 2007. The company sold 74.8 million iPhones in the last quarter of 2015, as against the 74.5 million it had sold in the same period last year. With the iPhone accounting for approximately 68% of its revenues, investors are worried it could have wide-reaching impacts on the American stock market.
In comparison, Google continues to lead the Internet search and advertising market. It is also developing other products in video, mobile, web browsing, email and mapping, which brings in most of Alphabet’s revenue.