Ticker GOOG

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Market closed
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Price US dollars
As of 09:05 20 Sep 2019
Market cap. US dollars
433,149.62 million
As of 09:05 20 Sep 2019

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Alphabet becomes cash king - FT

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The title for the company with the biggest financial reserves, held by Apple for a decade, has passed to Google’s parent, Alphabet.

That's according to the Financial Times which has been looking at figures released in recent days.

Apple’s holdings of cash and marketable securities, net of debt, has fallen to $102bn, down from a peak of $163bn at the end of 2017. Alphabet’s cash pile is $117bn, haven risen by almost $20bn over the same period, according to the FT's analysis.

Google owner Alphabet misses sales forecasts

Google offices in London
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Google's parent company, Alphabet, saw its shares drop in after hours trading after the internet giant missed revenue forecasts.

Alphabet, which also owns YouTube, reported $36.3bn (£28bn) in sales for the first quarter, below expectations of $37.33bn.

Profits also fell during the three months to 31 March.

It was impacted by a fine from the European Commission for blocking rival online search advertisers.

Shares in Alphabet fell by nearly 5%.

Google faces antitrust lawsuit in Germany

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German price comparison website Idealo has taken Google to court in Germany, claiming the internet giant made it harder for web users to find links to Idealo after Google started its own price comparison service.

Idealo is using a European Commission judgement in 2017, where Google was fined €2.42bn for abusing its power by promoting its own shopping comparison service at the top of search results.

Idealo is seeking €500m in damages from lost revenue, and also accuses Google of failing to change its practices after being fined by the EC.