At US$1.8 trillion, Apple emerges as world's most valuable public companyBusiness | 1 Aug 2020 3:48 pm
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, CNBC reports.
Apple shares closed up by 10.47 percent Friday, giving it a market valuation of US$1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at US$1.76 trillion as of its last close.
Apple’s strong fiscal third quarter earnings, released Thursday, boosted its stock, as investors rallied behind the company’s 11 percent year-over-year growth. Apple also announced afour for one stock split.
The company has recovered from its pandemic low-point in March. Shares are up more than 44 percent 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 note Friday.