Apple overtakes Saudi’s Aramco to become world’s most valuable company

  • by Staff@ TSD Network
  • August 1, 2020
apple-iphone-maker

Tech giant Apple Inc. became the world’s most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings. In its blockbuster Q2’20 revenue report, Apple Inc’s surged over 10% to a record high. And this helps the iPhone maker eclipse Saudi Aramco to become the world’s most valuable publicly listed company.

In the quarterly report, Apple’s stock ended the session at $425.04, putting its market capitalization at $1.82 trillion. It was Apple’s largest one-day percentage gain since March 13, and it added $172 billion in market capitalization during the session, greater than the entire stock market value of Oracle Corp.

Notably, Saudi Aramco had been the most valuable publicly listed company since going public last year. As per Refinitiv data, Aramco had a market capitalization of $1.760 trillion as of its last close.

According to the company’s filing, as Apple bought back $16 billion worth of shares in the June quarter, it had 4,275,634,000 outstanding shares, as of July 17, according to the filing.

In its quarterly report, Apple announced a four-for-one stock split, as some brilliant earnings performance couple with an already bullish run on the market led to Apple stock price soaring past the $400 mark for the first time.

The company announced a 4:1 stock split, which means the company’s shareholders at the close of trading on 24th August will receive three more shares for each one they own. The post-split trading will begin on 31st August. This will be the Apple’s fifth stock split followed by the one that occurred in 2014.

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Staff@ TSD Network

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