Apple has hit a new milestone as the world’s most valuable publicly-traded company. The tech giant surpassed Saudi Arabia’s state-owned oil company, Saudi Aramco after a surge at the close of business on 31st July 2020.
The tech giant closed at more than 10 percent on 31st July after posting record-breaking third-quarter earnings on the day before, closing at $425.04. Apple now has a market valuation of $1.84 trillion, while Saudi Aramco’s market valuation is $1.76 trillion, according to CNBC.
Apple made $59.7 billion in total revenue for the third quarter of 2020, representing an 11 per cent increase from Q3 2019. An increase in the demand and sales of its Mac and iPad contributed significantly as people relied more on the devices to work, collaborate, and interact because of the COVID-19 pandemic and the resulting lockdowns.
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Speaking of Apple’s earnings, Morgan Stanley analysts in a research note wrote; “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises”.
Going forward, it will be interesting to see if Apple can hold on as the world’s most valuable publicly-traded company, however, it seems that the company will continue to gain.
The company is not alone, other big tech companies also seem to be doing very well in the pandemic economy. Amazon, Facebook, and Google all enjoyed pretty good third-quarters as they posted good earnings.
Amazon doubled its profit, Facebook too, the social media giant saw an increase in the number of its daily users. Facebook recorded a 12 per cent year-on-year increase numbering about 1.79 billion daily users on the site. Combined, Apple, Amazon, Facebook, and Google netted $28.6 billion in profits.
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