Apple Briefly Overtakes Saudi Aramco To Become World's Largest Company

Joanna Estrada
August 1, 2020

Apple Inc's stock hit a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker briefly overtake Saudi Aramco to become the world's most valuable publicly listed company.

Apple's stock surged to as high as $412.22 a share, putting its market capitalization at $1.762 trillion, according to the share count provided by Apple in a regulatory filing on Friday.

Apple reported a blowout quarter on Thursday posting an 11 percent jump in revenues to $59.7 billion exceeding Wall Street estimates, despite 25 percent of global stores still closed. State-owned Saudi Aramco - which has held the distinction of being the world's most valuable publicly-owned company ever since its IPO - now has a market value of $1.76 trillion as of the market's closing on Friday.

It's the first time the company's valuation has surpassed that of Saudi Arabia's national oil company, which made its market debut in Riyadh in December, and is valued at US$1.76 trillion. Apple previously had a 7-for-1 stock split in 2014.

Apple's board of directors has also approved a four-for-one stock split, effective from August 31. Before that, Apple had vied with Microsoft Corp. for the title of the U.S.'s largest public company. Earlier in 2020, the company also became the first USA firm to pass the $1.5 trillion market valuation milestone.

Shares of Apple have proven themselves resilient, even during COVID-19. Other product categories, including iPad, Mac and Services, also showed rock-solid growth.

Other reports by Click Lancashire

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