A little known company named Alphabet has officially become the most valuable company in the world.
Not many peope have heard of the comapny Alphabet, which is based in Brussels. However, most people would have heard of the company it owns – Google.
Last year Google’s advertising revenue rose by 17 percent to see it pass Apple at the top spot of the world’s businesses.
The company posted net income of $7.5NZ billion for 2015.
The announcement sent its share price up 9 percent in after-hours trading.
That means that Alphabet is now worth around $NZ 802b, compared with Apple which has a value of $NZ823b.
Google makes its money from its advertising system as well as its popular search engine and YouTube.
Apple had been on the top spot for the last 5 years after it took over from Microsoft.