NEW YORK—Even before it became a household name, Google parent Alphabet has become the world's most valuable company, vaulting past Apple in a sign of an evolving technology landscape.

On Wall Street Tuesday, Alphabet's shares reflected a market capitalization to $547 billion following its strong earnings report while Apple's value declined to $530 billion with a modest dip in trading.

Apple ends a run of four years as the world's largest publicly traded company, having overtaken Exxon Mobil on January 25, 2012.

The changing of the guard underscores the rising value of reaching people on a daily basis with services to generate streams of revenue, as opposed to selling hard goods, even if it can be done masterfully, analysts say.

Infographic: Google Overtakes Apple as Most Valuable Company | Statista
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Alphabet "is built on a services model, and the leveragable money is in services because it's less costly," said Jack Gold, an analyst with J. Gold Associates.

"People are looking at Apple and saying, 'Where's the next big thing?'" Gold said.

"When you pioneer a new marketplace and build something that's revolutionary, after a while it's not so revolutionary anymore, and other companies catch up."

Ironically, Apple in its past quarter reported the largest quarterly profit in history of $18.4 billion. But the report showed slowing growth in sales of its main profit driver, the iPhone, and its stock was hammered over concerns about future growth.

While Apple is also moving into services, its fortunes are still largely tied to the iPhone--since people get music and other services through their phones --and the iPad, which is seeing falling sales.

Patrick Moorhead, analyst and consultant with Moor Insights & Strategy, said that even though Apple has other services projects, it has disclosed little about them.

Alphabet, nonetheless "has a greater breadth of services, and that's what people are looking at," Moorhead said.

"This is why Alphabet was formed, to find these interesting ventures and science projects and be transparent about it," he said.