Shares in Alphabet — the parent company of Google — hit an all-time high Wednesday after a strong earnings report. Shares in Alphabet Class C shares (GOOG) were up $135.11 to close at $2,928.55.
The market capitalization of Alphabet is now $1.96 trillion and could break the magical $2 trillion mark on Thursday.
Only Apple and Microsoft have a bigger market cap than Alphabet with Apple at $2.46 trillion and Microsoft close behind at $2.42 billion.
Alphabet stock is up an impressive 69% this year. The company reported third-quarter revenues of $65.1 billion, up 41% from a year ago. Net income was $18.9 billion.
Google search ads generated the lion share of revenue with $37.9 billion in the quarter. YouTube ads made up $7.2 billion in revenues and the Adsense network generated $7.99 billion in revenues.
Google’s Cloud division reported $4.9 billion in revenues but a loss of $644 million.
Alphabet reported a total of $142 billion in cash and marketable securities at the end of the quarter.