Apple has become the world’s most valuable publicly traded company, outstripping Saudi Arabian oil titan Saudi Aramco, according to Friday’s market close.
On 31 July, Apple shares rose by 10%, closing with a record market capitalization of $1.84 trillion, with Saudi Aramco lagging behind at $1.76 trillion. This marked the first time Apple has actually managed to surpass Saudi Arabia’s national oil giant since the company’s market debut in December.
The development comes just shortly after Apple released its fiscal third quarter figures, reporting 11% year-over-year growth. In its fiscal 2020 third quarter ending in June, the company made $59.7 billion, 60% of which was international sales, according to an Apple statement.
Apple shares have now risen by more than 44% despite the slowdown brought on by the coronavirus pandemic.
However, in the smartphone market, Apple is still behind Huawei, according to recent analysis by market researcher Canalys. In the second quarter of 2020, the Chinese manufacturer overtook all of its competitors, including Apple and Samsung, to become the world’s largest shipper of smartphones worldwide.