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Apple surpasses Saudi Aramco as world's most valuable company
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IANS | 01 Aug, 2020
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.
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.
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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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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Euro
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₹110.65
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₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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