Apple followed the company’s strong earnings report to become the world’s most valuable publicly traded company, overtaking state oil giant Saudi Aramco at market close on Friday.
Apple shares closed 10.47% on Friday, giving it a market valuation of $ 1.84 trillion. Saudi Aramco, which had been the most valuable publicly traded company since it debuted in the market last year, is now trailing $ 1.76 trillion, at its last close.
Apple’s strong third-quarter earnings, released Thursday, boosted its shares, with investors rallying behind the company’s 11% year-over-year growth. Apple also announced a 4-to-1 stock split.
Apple now has a market valuation of $ 1.84 trillion.
The company recovered from its pandemic low point in March. Shares have risen over 44% this year.
“Despite headwinds from COVID-19, Apple has increased revenue in all segments and geographies, beating consensus revenue by 14% as ecosystem engagement increases,” Morgan analysts wrote on Friday. Stanley in a research note.
Apple saw widespread store closings during the quarter, particularly in the United States, but touted both work-from-home trends and strong online sales as boosting overall operations.
“We recognize that these results are very relieved at a time of real economic adversity for businesses large and small, and certainly for families,” CEO Tim Cook said on a call with analysts Thursday.