Apple CEO Tim Cook greets attendees during a special event on September 10, 2019 at the Steve Jobs Theater on the Apple campus in Cupertino, California.
Justin Sullivan | fake pictures
Apple produced the company’s solid earnings report to become the world’s most valuable publicly traded company, outperforming state oil giant Saudi Aramco at the market close on Friday.
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-traded company since its market debut last year, now has a record $ 1.76 trillion since its last close.
Apple’s solid fiscal third-quarter earnings, released Thursday, boosted its shares as investors recovered from the company’s 11% year-on-year growth. Apple also announced a 4-for-1 stock split.
The company recovered from its pandemic low in March. The shares rose more than 44% this year.
“Despite the headwinds of COVID-19, Apple increased revenue in each segment and geography, outpacing revenue by consensus by 14% as ecosystem engagement increases,” analysts at Morgan Stanley wrote in a research note on Friday.
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