:max_bytes(150000):strip_icc()/GettyImages-2141946855-3afa392303d6400bb7281442112dfcbe.jpg "Alphabet Reclaims Spot in $2 Trillion Market Cap Club")
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Key Takeaways
- Google-parent Alphabet regained its status as a company with more than $2 trillion market capitalization as shares soared more than 10% Friday.
- Alphabet became only the third U.S. company to cross the $2 trillion mark during intraday trading in Nov. 2021, but couldn’t close above that level.
- The stock surge was fueled by the company’s better-than-expected earnings, its maiden dividend announcement as well as the declaration of a massive stock buyback plan.
Alphabet (GOOGL) shares soared on Friday morning, launching the company into the tiny group of companies worth more than $2 trillion.
The stock surge was fueled by the company’s better-than-expected earnings, its maiden dividend announcement as well as the declaration of a massive stock buyback plan.
It’s not the first time the company achieved the milestone. Alphabet became only the third U.S. company, after Apple (AAPL) and Microsoft (MSFT), to cross the $2 trillion mark during intraday trading on November 8, 2021. However, it couldn’t hold on to the day’s gains, ultimately closing below the threshold.
After closing Thursday with a market cap of about $1.95 trillion, the stock needs to be 2.5% higher at the end of Friday’s regular trading session to be above $2 trillion.
As of 12:24 p.m. ET, Alphabet shares were up 10.29%, trading at $172.05 and its market value stood at more than $2.14 trillion, giving it a substantial buffer.