Apple is now the world’s most valuable publicly traded company, ahead of Saudi state-owned oil company Saudi Aramco. As of the close of business on Friday, Apple had a market valuation of $ 1.84 trillion, while Saudi Aramco’s was $ 1.76 trillion, according to CNBC. Apple stock, which has seen a largely steady rise since the end of March, closed more than 10% on Friday after the company’s record third quarter results on Thursday, ending the day at $ 425.04.
Apple’s total revenue for the third quarter reached $ 59.7 billion, up 11% from last year. Strong sales of Macs and iPads were a highlight, and the company has likely seen increased demand for the devices as people took refuge in the area due to the COVID-19 pandemic. Apple also announced a four-for-one stock split as part of its third quarter results, which will lower the price of an individual share.
Amazon, Facebook, and Google also reported earnings yesterday, and for the most part they had very good quarters. Amazon has doubled its profits – during a pandemic. Facebook has seen its user count increase 12 percent each year to 1.79 billion. And combined, the four companies made $ 28.6 billion in profits. As my colleague Liz Lopatto said, during the pandemic, tech companies are combing it.