Apple has now become the most valuable company. It is a publicly-traded company surpassing the Saudi state-owned Giant Oil Company Aramco. This Friday Apple Inc’s surged over 10% after reporting its smash hit quarterly result. Apple Inc’s recorded a market valuation of $1.84 trillion after ending the session at $425.04.
Saudi Aramco which had been the world’s most valuable publicly listed company showed the market capitalization of $172 trillion during its last session in Riyadh, last December. This is the first time Apple Inc. has surpassed the Saudi national oil company Aramco. Before this, Apple inc. had vied with Microsoft Corp. to achieve the title if US Largest public company.
As of July 17, Apple inc had 4,275,634,000 outstanding shares after it bought back $16 billion worth of shares in June quarter. Apple Inc. has benefited from the pandemic as it has strengthened the market position of the World’s biggest technology companies because of a record acceleration in the shift to digital services. Whereas Saudi Aramco reported a drop in its second-quarter revenue from $76 billion to $37 billion because of the pandemic that created a plunge in crude oil prices.
Apple Inc. saw a good business in this pandemic. The total revenue recorded for Q3 was $59.7 billion. There was a huge demand seen in the sale of Strong Mac and iPad. The company also announced to enact a 4-for-1 stock split starting on August 31. It will lower the prices of its devices. This will also be the company’s first four-for-one stock split basis since 2014.
This pandemic has proven helpful for Amazon, Facebook, and Google too. These companies also announced their market valuation and the record was surprisingly amazing. Amazon reported doubling its profit during this pandemic.