Apple becomes world’s largest public listed company, valued at $1.82 trillion
- 1st August 2020
- Posted by: Hakeem
- Category: Business plans, Stock
Apple, the leading global brand in technology, recorded a major feat at the end of the trading session for the week by becoming the biggest publicly listed company in the world. This feat was recorded when Apple’s shares gained over 10% to a record high on Friday after reporting impressive quarterly results.
Apple has now overtaken Saudi Aramco (Saudi’s state-owned oil company) to become the world’s most valuable publicly listed company.
Apple’s stock ended the trading session at $425.04, putting its market valuation at $1.82 trillion, according to the share count the company provided on Friday.
Saudi Aramco, which had been the most valuable listed company since going public in 2019, now has a market capitalization of $1.760 trillion as of the end of the last trading session.
How it happened: Recall that Nairametrics, about a day ago, revealed how Apple Inc’s Q3 revenue smashed Wall Street forecasts in spite of COVID-19 restrictions, showing that consumers bought more new iPads, iPhones, and Mac computers to stay connected during the COVID-19 era.
Fiscal third-quarter revenue stood at $59.7 billion, a record for the June period, Apple disclosed in a statement. That was up 11% from a year earlier and beat analysts’ estimates of $52.3 billion.
The feat recorded by Apple on Friday was its largest one-day percentage gain since March 13, and it added $172 billion in market value during the trading session on Friday.