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Apple officially lost its crown as the world’s most valuable company to Google on Tuesday.
Alphabet Inc., formerly known as Google, vaulted past its tech rival, thanks to a surge in its share price following the release of robust quarterly results on Monday.
Shortly after the opening bell on Tuesday, Alphabet shares rose 3.5 percent, lifting its market value to $535 billion. Apple’s market cap declined to $528 billion on a slight dip in trading.
Apple had been the most valuable company for four straight years after first surpassing oil giant ExxonMobil in 2011.
Alphabet shares are up 45 percent over the last 12 months as Google’s core search business shows no signs of slowing.
Meanwhile, Apples shares are down 16 percent since last summer, weighed down by concerns that its once-indomitable iPhone is showing its age.
