The group behind Google (NASDAQ:GOOG) has swiped the crown from tech giant Apple (NASDAQ:AAPL) as the world's most valuable company following fourth quarter earnings.
The search engine's holding company Alphabet is now worth about US$568bn against the maker of the iPhone, which is valued at US$535bn, following a rise in its shares on Monday.
Alphabet achieved the distinction after reporting a profit of US$4.9bn in the quarter, up from US$4.7bn a year earlier.
An increase in online advertising on Google helped the company rack up annual profits of US$16.3bn, although its Other Bets business lost US$3.6bn during the period.
Other Bets includes more experimental ventures such as self-driving cars and internet balloon programmes.
Shares in Alphabet rocketed in the wake of the news, fell back to close 1.2% up at US$752, but rose in after-hours trading to US803.03.
US broker Wedbush said mobile search drove the figures, helped by desktop search, while YouTube doubled the number of small business advertisers in the last two years.
The broker's James Dix and Aria Ertefaie said in a note: "Google's dominant share in mobile search looks to keep paying dividends, with its research showing that a robust 30% of online shopping purchases occur on mobile phones."
Broker Killik & Co said: "We remain positive on the investment case for Alphabet, with Google being the leading search advertising player, with strong traffic drivers through YouTube, Google Maps and Android.
"In addition, we believe it offers unrivalled options through innovative new product areas, with a strong track record of bringing these profitably to the market."
Founders Larry Page and Sergey Brin launched Google as Backrub in 1998 and later renamed it with its current title, which is based on the large number Googol - 1 followed by 100 zeroes.
The company has since beaten off competition from rivals such as Ask to dominate the global search market and grab a growing share of online advertising.
Google shares are now at US$772.62- up 2.74%.