Alphabet beats Apple to become world's most valuable company

New York: American multinational conglomerate created in 2015 as the parent company of Google, Alphabet Inc has surpassed tech giant Apple Inc as the most valuable company in the United States.

Alphabet posted its most recent quarterly earnings on Monday and the company's stock prices sky-rocketed with a market cap of about USD 570 billion as compared to Apple's USD 539 billion, the Verge reported.

Alphabet shares jumped 6 percent on Monday after reporting strong quarterly earnings.

Based in California, Alphabet's portfolio encompasses several industries, including technology, life sciences, investment capital, and research. Some of its subsidiaries include Google, Calico, GV, Google Capital, X, Google Fiber and Nest Labs.