Top 10 Internet Companies in the World

Internet-based companies generate revenue through online sales, financial transaction fees, paid advertising, cloud services, and many other business lines, and 2023 saw continued strong growth in this sector. The following 10 publicly traded internet-based companies topped the list:

1. Alphabet Inc.(GOOGL): Internet search giant Google is the global leader in search, contextual advertising, and other online services. Listed on the NASDAQ, Google's market capitalization was $2.18 trillion as of May 2024. Total revenue for fiscal year 2023 was $307.39 billion.
2. Amazon (AMZN): Nasdaq-listed Amazon was founded in 1995 as an online bookseller and has since diversified to become the largest internet retailer in the U.S. with a wide range of products. It reports fiscal 2023 sales of $574.79 billion. The market capitalization in May 2024 was $1.92 trillion.
3. Meta (META), formerly Facebook: Listed on the NASDAQ, Facebook is the world's most popular social networking site. In October 2014, the company acquired WhatsApp for a whopping $19 billion, and has made a number of other smaller acquisitions. Meta reported total revenue of $134.9 billion in 2023. The market capitalization in May 2024 was $1.2 trillion.
4. Tencent HoldingsChina-based and Hong Kong-listed Tencent Holdings is not yet well known outside Asia, where it is known for its apps, online games, advertising and messaging services such as WeChat. It is expected to report revenue of about $85 billion in fiscal 2023 and had a market capitalization of $481.14 billion in May 2024. Tencent is tradable on the Nasdaq through its American Depositary Receipts.
5. Alibaba (BABA): New York Stock Exchange-listed Alibaba made headlines in 2014 when its initial public offering (IPO) became the largest IPO in global history. The Chinese e-commerce giant's market capitalization was $215.47 billion as of May 2024. Revenues for fiscal year 2023 were $126.49 billion.
6. Netflix (NFLX): Netflix is ​​an entertainment company that provides video streaming services. It has a network of over 260 million members in over 190 countries. Its market capitalization was $267.63 billion in May 2024. Total revenues for fiscal year 2023 were $33.72 billion.
7. Salesforce.com (CRM): A leader in enterprise cloud computing and social enterprise solutions, listed on the New York Stock Exchange. Its market capitalization in May 2024 was $277 billion. Total revenue for fiscal year 2023 was $34.86 billion.
8. JD.com (JD): Nasdaq-listed JD.com is a Chinese e-commerce company headquartered in Beijing. It is one of China's largest B2C online platforms. Its market capitalization was $53.97 billion in May 2024. Total revenue for fiscal year 2023 was $152.77 billion.
9. Booking.com (BKNG): Booking.com is an online travel company that provides users with reservations for restaurants, hotels, car rentals, flights, safaris, cruises, and other travel services through booking.com, priceline.com, and agoda.com. Its market capitalization in May 2024 was $125.81 billion. Total revenue for fiscal year 2023 was $21.37 billion.
10. Baidu (BIDU): Google is the world's largest online search engine, but its reach is limited in China, where it is dominated by Baidu, which offers maps, news, videos, antivirus software and Internet TV. Baidu is registered in the Cayman Islands and is known for restricting search results to comply with Chinese laws and political directives. The Company's American Depositary Receipts are listed on Nasdaq. Its market cap in May 2024 is expected to be $38.77 billion, with revenue of $18.96 billion in 2023.

Conclusion:

Internet businesses are highly dynamic, and innovation and advancements in technology can allow new entrants to grow rapidly and displace current leaders. Companies can also grow significantly and then lose steam or disappear completely, as infamously happened with the dot-com collapse in 2000. Therefore, investors should conduct thorough due diligence before investing in any Internet-based company.