Alphabet yesterday reported that quarterly profit rose five percent to USD 4.92 billion on the back of strong online advertising revenue.

The California-based Internet colossus said its revenue topped USD 21.3 billion in the final three months of last year.

Alphabet shares jumped more than five percent to USD 794 on earnings figures that beat expectations.

If those gains hold in official trading, Alphabet would overtake Apple as the world's biggest company by market value.

At the official close of trade, Apple was worth USD 534.7 billion based on its share value to USD 530.1 billion for Alphabet.

The earnings report was the first in which recently formed parent corporation Alphabet separated money made by Google from 'other bets' such as its work on self-driving cars or delivering Internet using high-altitude balloons.

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