Google has sold off a large chunk of its stock, with the company posting record quarterly earnings.
The company has reported a loss of $8.8 billion in the third quarter, according to the Wall Street Journal.
Apple’s share price has surged more than 10% this year, as the company continues to build up its iPhone portfolio.
Google reported the biggest profit in its history, beating Wall Street forecasts.
Earnings beat Wall Street expectations for the first time since the fourth quarter of 2013.
The smartphone market is still growing and Google has a strong position in the smartphone market.
Apple is not a huge investor in the stock, though, and the company still has a huge valuation.
Google has already bought back a lot of stock, including shares of Yahoo!
that it bought last year.
reported $1.4 billion in net cash from its sale last year and will buy back another $1 billion in stock in the fourth-quarter, according the Wall St. Journal.
The search giant said it expects to sell back to Yahoo!
$1bn worth of Yahoo stock in 2018.
Google said the company will continue to invest heavily in search and its YouTube channel.
Google also plans to invest in YouTube’s advertising business.