Apple is Now World’s Most Valuable Company

Tim Cook, Apple - WWDC 2019

Apple has surpassed Saudi Arabia’s state oil company Saudi Aramco to be the world’s most valuable publicly-traded company, CNBC reports. At the close of business of Friday, Apple has a market valuation of $1.84 trillion against Saudi Aramco’s $1.76 trillion.

Apple reported strong fiscal third-quarter earnings on Thursday with an 11% increase from last year and a total profit of $59.7 billion. The company recorded increased demand for its Mac and iPad which is likely due to the COVID-19 pandemic which has kept many at home. Apple also announced a 4-for-1-stock split which means investors have the chance to buy an Apple share for as low as $100.

With global economy gradually recovering with the ease of lockdown, Apple has also from the low-point it recorded in March. “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” explains Morgan Stanley analysts in a research note on Friday.

Up until last Friday, Saudi Arabia’s state-owned oil company Saudi Aramco had been the world’s most valuable publicly-traded company since it debuted last year.

Posted by Biodun

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