Apple dethrones Saudi Aramco to become world's most valuable company

August 01, 2020 15:35

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. -- ANI

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