Apple surpasses Aramco to become world’s most valuable company
Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close.
#Apple is again the largest company in the world when measured by market cap. After blowout numbers, Apple's market cap jumps to $1.82tn and overtakes Saudi Aramco, whose market cap is $1.76tn. pic.twitter.com/o5kWYrK8ps
— Holger Zschaepitz (@Schuldensuehner) July 31, 2020
Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at $1.76 trillion as of its last close.
— Bloomberg TV (@BloombergTV) July 31, 2020
Apple’s strong fiscal third quarter earnings, released Thursday, boosted its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock split.
The company has recovered from its pandemic low-point in March. Shares are up more than 44% this year.
“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” Morgan Stanley analysts wrote in a research note Friday.
Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Tech technology companies, alongside Amazon, Google, Microsoft and Facebook.