As a result of an increase stock price after it reported strong ad sales, Google's parent company Alphabet Inc. has reached a price levels at a closing record of $1,036. Throughout the day, the company's share gained about 3 percent, beating early expectations.
Until this date, Alphabet became the second U.S. company after Apple to ever achieve the $700 billion market capitalization.
It took Alphabet just 131 days to rise $100 billion from $600 billion - less than half the time Apple did to reach mark. Looking it at a larger scale, it took Alphabet 13 years to reach the mark, while it took Apple three decades.
According to the WSJ Market Data Group.According to the WSJ Market Data Group, this makes the company the fastest $100 billion market-cap gain on record.
Alphabet's Class A shares have already gained 25.1 percent so far in 2017.
Apple once went below $700 billion when the company posted that its first yearly revenue decline, as iPhone sales slumped from the year-ago period and revenue tumbled in China. This was when Alphabet briefly passed Apple, at $547.1 billion.
But in 2015, Apple regain its throne when it was valued at $770 billion, after shares hit an all-time high of $134.54.
Then in February 1, 2016, Alphabet again surpassed Apple and became the world's most valuable publicly traded company. Two days later, Apple surged back over Alphabet to retake the position.
Google's main strategy to gain its all-time high at over $700 billion was by focusing on traffic acquisition by putting large amount of cash to other companies. This significantly increased traffic to its website where it earns back from those cost via ad sales. For example, Google has paid billions to Apple and some other notable browsers so they keep Google Search as their default search engine.
