Saudi Aramco surpassed by Apple to become world’s most valuable company

The company’s strong earnings report to become the world’s most valuable publicly traded company was ridden by Apple, exceeding the state oil giant Saudi Aramco at Friday’s market close.

A market valuation of $1.84 trillion was given to Apple, after its shares closed up 10.47% Friday. The most valuable publicly listed company since its market debut last year, Saudi Aramco, now trails at $1.76 trillion as of its last close.

Apple’s strong financial third quarter earnings, released Thursday, enhanced its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock division.

The company has improved from its pandemic low-point in March. This year, their shares are up more than 44%.

Morgan Stanley analysts wrote in a research note Friday, that “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises.”

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