Shares of Google parent Alphabet Inc. closed at an all-time high on Thursday, days before the company is expected to announce strong quarterly results.
The stock, which finished the regular-trading session at $151.87 (Class A)
GOOGL,
and $153.64 (Class C)
GOOG,
has been on a tear to start 2024 as it rides the broader tech rally.
The company is currently trading at a market cap of $1.911 trillion, which is its first close above the $1.9 trillion mark.
Also see: Microsoft closes above $3 trillion market value for the first time
Alphabet’s rousing rally comes amid severe belt tightening: Google has shed more than 1,000 people in recent weeks while company Chief Executive Sundar Pichai circulated a memo warning of more layoffs to come.
Alphabet’s stock is up 56% over the past 12 months, while the broader S&P 500 index
SPX
has jumped 20.5% over the past year.
This story originally appeared on Marketwatch
