Apple has become the world’s most valuable publicly-traded company, surpassing Saudi state oil giant Aramco at Friday’s market close, NBC News reports.
Despite the Coronavirus pandemic, Apple is making big wins. This Friday, Apple shares closed up by 10.47 percent, giving it a market valuation of $1.84 trillion. In comparison, Saudi Aramco, which had been the most valuable publicly listed company since its market debut in 2019, now stands at $1.76 trillion.
This news comes after Apple announced strong fiscal third-quarter earnings of $59.7 billion. Apple also announced a 4-for-1 stock split, with shares up more than 44 percent this year.
“We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity,” Apple CEO Tim Cook said of the company’s blowout quarterly earnings.
It appears the company has more than recovered from its pandemic low-point in March.