Apple becomes world’s most valuable company, overtakes Saudi Aramco
In what many has described as a record high performance, Apple surged over 10% on Friday after reporting a high quarterly results, which aided the company to overtake Saudi Aramco, thereby becoming the world’s most valuable publicly listed company.
The stock of Apple ended the session at a money value of US$425.04, putting its market capitalization at $1.82-trillion, according to the share count provided by Apple in a regulatory filing on Friday. It was Apple’s largest one-day percentage gain since 13 March, and it added $172-billion in market capitalization during the session, greater than the entire stock market value of Oracle.
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Aramco, the Saudi Arabian company, which had been on top as the most valuable publicly listed company since going public last year, had a market capitalization of $1.76-trillion as of its last close, according to Refinitiv data. After Apple bought back $16-billion worth of shares in the June quarter, it had 4 275 634 000 outstanding shares, as of 17 July, according to the filing. With Friday’s stock gain, Apple’s has surged about 45% year to date, with investors betting that it and other major US technology companies will emerge from the coronavirus pandemic stronger than smaller rivals.
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