Apple CEO Tim Cook greets attendees during a special event on September 10, 2019 at the Steve Jobs Theater at Apple in Cupertino, California.
Justin Sullivan | Getty Images
Apple climbed on the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing state-owned oil giant Saudi Aramco near Friday in the market.
Apple shares closed 10.47% on Friday, giving it a market valuation of $ 1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, is now dragging on $ 1.76 trillion since its last closure.
Apple’s third-quarter strong fiscal gains, released Thursday, boosted its shares as investors rallied after the company grew 11% year-on-year. Apple also announced a 4-for-1 stock split.
The company has recovered from its pandemic low point on Mars. Shares have risen more than 44% this year.
“Despite the COVID-19 headline, Apple increased revenue in every segment and geography, beating consensus revenue by 14% while increasing ecosystem engagement,” analysts Morgan Stanley wrote in a research note Friday.