Google overtakes Apple to become world's largest company
As widely predicted Google has become the world’s most valuable listed company after announcing that its global revenues rose 13% to $75bn (£52bn) last year, and the group’s tax rate fell to just 17%.
The group took a record $1.9bn of revenues from its UK customers for the last three months of 2015, up 16% on 2014 – and all routed through its controversial tax structure in Ireland. But for the impact of the pound weakening against the dollar, UK revenues would have been up 20%.
Adding to the £3.7bn in British sales completed earlier in the year, Goolge’s fourth-quarter revenues from the UK, took 2015 turnover from British advertisers to £5bn.
In after-hours trading, the share price for Alphabet, Google’s parent company, immediately jumped 9%, implying a total stock market value for Alphabet of $568bn. That meant it eclipsed rival Californian tech firm Apple, which has a value of $535bn, making Alphabet the most valuable company in the world.