ANI
01 Aug 2020, 13:25 GMT+10
New York [USA], Aug 1 (ANI): 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. (ANI)Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationWASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
GENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
BEIJING, July 4 (Xinhua) -- As Chinese President Xi Jinping once observed, in the face of global changes of the century, pursuing modernization...
(250703) -- ADDIS ABABA, July 3, 2025 (Xinhua) -- Liu Junying (L), head of the 25th batch of the Chinese medical team, poses for a...
(250703) -- GOMA (DR CONGO), July 3, 2025 (Xinhua) -- Benjamin Mbonimpa (2nd R), the Congo River Alliance (AFC)'s permanent secretary...
MAURITIUS, 3rd July, 2025 (WAM) - The Sharjah Chamber of Commerce and Industry (SCCI) concluded its first-ever official trade mission...
Data to end violence: United Republic of Tanzania “Before, I didn’t know where to report cases of violence. Now, I have...
Accra [Ghana], July 3 (ANI): Ministry of External Affair's Secretary (Economic Relations) Dammu Ravi stated that Prime Minister Narendra...