Riding on strong quarter results despite the pandemic, Apple has surpassed Saudi Aramco to become the worlds most valuable company with a market cap of $1.84 trillion.
The strong earnings report helped Apple shares closed up 10.47 per cent on Friday to become the world’s most valuable publicly traded company, surpassing the largest oil producer, reports CNBC.
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Saudi Aramco now trails at $1.76 trillion.
Despite the pandemic that hit its supply chain and forced the iPhone maker to close retail stores worldwide, Apple shares are up more than 44 per cent this year.
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Apple has posted $59.7 billion in revenue for its fiscal 2020 third quarter that ended June 27, an increase of 11 per cent from the year-ago quarter, as iPhone sales beat the Wall Street estimates.
Apple’s board of directors has also approved a four-for-one stock split, effective from August 31.
“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Apple CEO Tim Cook.
“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation,” he said in a statement.
The iPhone sales were $26.4 billion, iPad revenue was $6.6 billion while Mac revenue reached $7.1 billion.
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