- Apple became the most valuable company in the world that publicly trades.
- The company surpassed Saudi Arabia’s state-owned company, Saudi Aramco.
- The company’s market valuation was of $1.84 billion while Saudi Aramco’s was $1.76 trillion.
Apple is now the world’s most valuable company that publicly trades, surpassing Saudi Arabia’s state-owned company, Saudi Aramco.
According to a report by CNBC, “Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion.” Saudi Aramco trails behind with a market valuation of $1.76 trillion.
Apple’s stock, which has been on a largely-steady climb since the end of March, closed up more than 10 percent on Friday following the company’s record-breaking third-quarter earnings on Thursday, ending the day at $425.04.
While the Covid-19 pandemic has been bad news for many of the industries and companies, Apple on the other hand thrived during the last few months.
Apple’s total revenue for Q3 hit $59.7 billion, up 11 percent from last year. Strong Mac and iPad sales were a strong highlight. The company likely saw an increased demand for their devices as the people have been sheltering themselves during the pandemic.
“Despite Covid-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 per cent as ecosystem engagement rises,” Morgan Stanley analysts wrote in a research note.
“We are conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small, and certainly for families,” CEO Tim Cook said on a call with analysts.
Amazon, Facebook, and Google all announced earnings yesterday as well, and for the most part, they had pretty good quarters. Amazon doubled its profit — during a pandemic. Facebook saw a daily user increase of 12 percent year over year to 1.79 billion. And combined, the four companies netted $28.6 billion in profits.
It seems like the four big tech companies are raking it up like nobodies’ business during the pandemic.
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