Apple surpasses Saudi Aramco as world’s most valuable company

TIL Desk/Business/New Delhi/ Riding on strong quarter results despite the pandemic, Apple has surpassed Saudi Aramco to become the world’s 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. 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.