Apple tops Saudi Aramco as most valuable publicly traded company

FILE PHOTO: The Apple logo is displayed at an event at its headquarters in Cupertino, California, USA, September 10, 2019. REUTERS / Stephen Lam

(Reuters) – Apple Inc (AAPL.O) Shares hit a record high on Friday after reporting highly successful quarterly results, which helped the iPhone maker briefly outpace Saudi Aramco to become the world’s most valuable company.

Apple shares rose to $ 412.22 per share, putting its market capitalization at $ 1,762 trillion, according to the share count provided by Apple in a regulatory filing on Friday.

Saudi Aramco (2222.SE), which has been the most valuable publicly-traded company since it went public last year, had a market capitalization of $ 1.76 trillion since its last close, according to data from Refinitiv.

Last 6.2% rise to $ 408.78 in midday trading, Apple’s market capitalization was $ 1.748 trillion. After Apple repurchased $ 16 billion worth of shares in the June quarter, it had 4,275,634,000 shares outstanding as of July 17, according to the filing.

Graphic: Apple briefly becomes the world’s most valuable company, here

With Friday’s share surge, Apple has increased approximately 40% so far this year, with investors betting that he and other large US tech companies will emerge from the coronavirus pandemic stronger than their smaller rivals.

In its quarterly report, Apple announced a four-for-one stock split, with tight trading starting August 31. It will be Apple’s first stock split since 2014.

Reports from Subrat Patnaik and Noel Randewich; Edition by Anil D’Silva and Jonathan Oatis

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