Apple is now the most valuable company in world trade, surpassing the state-owned oil company in Saudi Arabia Aramco. While close to business on Friday, Apple has a market valuation of $ 1.84 trillion, while Saudi Arabia Aramco is $ 1.76 trillion, according to CNBC. Apple stock, which has been on a mostly steady climb since the end of March, closed more than 10 percent on Friday after the company’s third-quarter record gains on Thursday, ending the day at $ 425.04.
Apple’s total revenue for Q3 reached $ 59.7 billion, up 11 percent from a year earlier. Strong sales on the Mac and iPad were evident, and the company is likely to see increased demand for the devices as people have been sheltering in the country due to the COVID-19 pandemic. Apple also announced a four-for-one stock split as part of third-quarter earnings, which will lower the price of an individual stock.
Amazon, Facebook, and Google all announced revenue yesterday as well, and for the most part, they had pretty good quarters. Amazon doubled its profit – during a pandemic. Facebook had a daily increase of users from 12 percent year on year to 1.79 billion. And combined, the four companies grossed $ 28.6 billion in profits. As my colleague Liz Lopatto said, during the pandemic, technology companies are using it.