New Delhi: Apple briefly overtook Saudia Arabia’s state-owned oil company Saudi Aramco to become the most valuable publicly-traded company in the world. On Friday, the shares of Apple closed at 10.47% giving it a market valuation of $1.84 trillion.
Since its market debut last year, Saudi Aramco had been the most valuable publicly-listed company. Now, the oil giant trails behind Apple at $1.76 trillion, as on its last close. Apple’s stock has been on a steady climb since the end of March. It closed up more than 10% on Friday following the company’s record-breaking third-quarter earnings the day before ending at $425.04.
The company’s strong fiscal third-quarter earnings which were released on Thursday showed the total revenue hitting $59.7 billion up by 111% from last year. The strong sales of the iPad and Mac were the highlight. Additionally, the company likely saw an increased demand for the devices due to being sheltered in a place for the COVID-19 pandemic. This proves that the company has recovered from its pandemic low-point that happened in March. Shares were up by more than 44% this year.
Google, Amazon, and Facebook also announced its earnings on Friday. For the most part, the tech giants had pretty good quarters. Amazon actually doubled its profit and that too during the pandemic. Even Facebook saw a daily user increase of 12% year over year to 1.79 billion.