ANI
01 Aug 2020, 13:25 GMT+10
New York [USA], Aug 1 (ANI): Apple has surpassed oil giant Saudi Aramco to become the world's most valuable publicly traded company with a market valuation of 1.84 trillion dollars.
Apple rode the company's strong earnings report and its shares closed up by 10.47 per cent on Friday, reports CNBC.
Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at 1.76 trillion dollars as of its last close.
Apple's strong fiscal third-quarter earnings released on Thursday boosted its stock as investors rallied behind the company's 11 per cent year-over-year growth. It also announced a 4-for-1 stock split.
The company has recovered from its pandemic low-point in March. Shares are up more than 44 per cent this year, said CNBC.
"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.
Apple saw widespread retail closures during the quarter, especially in the United States, but cited work-from-home trends and strong online sales as delivering a boost to overall operations.
"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. (ANI)Get a daily dose of New York Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Statesman.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...