Apple is no longer the most valuable company in the world as the title now belongs to Google’s holding company Alphabet.
The Australian Financial Review reports that after adjusting its net cash on Friday (22 January), Alphabet was now worth $424 billion in comparison with Apple's $399 billion.
The findings were derived from a measure known as “enterprise value” or EV for short, a yardstick used by analyst to measure a company's total value.
However, Apple still reigned in as the most valuable company on the planet when judged by stock market value and the most widely viewed measure of worth, a title it snagged from ExxonMobil since 2013.
The report also noted that while “Apple's fortunes have become closely tied to the maturing smartphone market, Alphabet has succeeded in convincing many investors that it still has boundless opportunities for growth.”
Apple still held the top position over Alphabet when it came to profits.
Last year, when its financial year ended in September, Apple made $53.4 billion in profit after tax, compared with the $15.5 billion that Alphabet is expected to have made for 2015 when it reports its earnings.
Alphabet is an American multinational conglomerate that was created last year as the parent company to Google and several other companies previously owned by or tied to Google.
Based in California, Alphabet is headed by Google's co-founders Larry Page and Sergey Brin with Page serving as its chief executive and Brin as its president.