Apple Briefly Overtakes Saudi Aramco To Become World’s Largest Company

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Apple beat street expectations in June quarter results

Apple Inc shares surged as much as 7.1 per cent to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker briefly overtake Saudi Aramco to become the world’s largest public company, news agency Reuters reported.  According to Reuters, shares of the company rose to a record high of $412 in early trading. Closing at that level will give it a market capitalization of $1.786 trillion.Saudi Aramco, which has been the largest public company since going public last year, had a market capitalization of $1.76 trillion as of last close.

On Thursday too, the company’s shares soared up to 6 per cent after Apple reported revenue gains across every category and in every geography as consumers working and learning from home during the COVID-19 pandemic turned to its products and services. Apple’s fiscal third-quarter revenue and profits were $59.69 billion and $2.58 per share, compared with analyst expectations of $52.25 billion and $2.04 per share.

 

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