Apple has shown the world that tech beats oil, as the technology giant becomes the world’s most valuable company, overtaking Saudi Aramco to regain the top spot.
Upon releasing its latest earnings report, Apple passed oil-producing titan Saudi Aramco to become the world’s most valuable company.
Since debuting on the stock market one year ago, Saudi Aramco was the previous title-holder for most valuable company. Apple took that title from Saudi Aramco at the close of trading last week, with its share price up 10.47%, amounting to a market value of $1.84 trillion.
Saudi Aramco’s market valuation now sits at $1.76 trillion.
According to a report from CBNC, “Apple’s strong fiscal third-quarter earnings, released Thursday, boosted its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock split.”
A research note from Morgan Stanley’s analysts says that “despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises.”
Apple’s third-quarter revenue hit $59.7 billion, an increase of 11% from last year. Analysts put these results down to strong sales of its iPad and Mac devices, with the pandemic seemingly increasing its sales with more people working remotely.
Apple’s results come as the rest of Silicon Valley’s tech giants released their earnings, with Amazon doubling its profit, Facebook reporting a 12%increase over 2019 figures to $1.79 billion.