Tuesday, Oct 20, 2020 | Last Update : 12:19 PM IST

195th Day Of Lockdown

Maharashtra1443409114960338084 Andhra Pradesh7192566588755981 Karnataka6406615157829286 Tamil Nadu6088555529389653 Uttar Pradesh4031013468595864 Delhi2827522506135401 West Bengal2603242287555017 Odisha222734190080912 Kerala204242131048772 Telangana1992761701091163 Bihar178882164537888 Assam169985139977655 Gujarat1332191132403417 Rajasthan1288591077181441 Haryana1237821059901307 Madhya Pradesh117588932382207 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   Companies  02 Aug 2020  Apple now world's most valuable company, dethrones Saudi Aramco

Apple now world's most valuable company, dethrones Saudi Aramco

ANI
Published : Aug 2, 2020, 9:03 am IST
Updated : Aug 2, 2020, 9:03 am IST

Apple rode the company's strong earnings report and its shares closed up by 10.47 per cent on Friday

 Apple surpassed oil giant Saudi Aramco to become the world's most valuable publicly traded company. (ANI Photo)
  Apple surpassed oil giant Saudi Aramco to become the world's most valuable publicly traded company. (ANI Photo)

New York: Apple has surpassed oil giant Saudi Aramco to become the world's most valuable publicly traded company with a market valuation of 1.84 trillion dollars.

Apple rode the company's strong earnings report and its shares closed up by 10.47 per cent on Friday, reports CNBC.

 

Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at 1.76 trillion dollars as of its last close.

Apple's strong fiscal third-quarter earnings released on Thursday boosted its stock as investors rallied behind the company's 11 per cent year-over-year growth. It also announced a 4-for-1 stock split.

The company has recovered from its pandemic low-point in March. Shares are up more than 44 per cent this year, said CNBC.

"Despite Covid-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 per cent as ecosystem engagement rises," Morgan Stanley analysts wrote in a research note.

 

Apple saw widespread retail closures during the quarter, especially in the United States, but cited work-from-home trends and strong online sales as delivering a boost to overall operations.

"We are conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small, and certainly for families," CEO Tim Cook said on a call with analysts.

Tags: apple, saudi aramco, market valuation, ceo tim cook, coronavirus pandemic
Location: United States, New York, New York