Apple CEO Tim Cook greets attendees during a special event on September 10, 2019 at the Steve Jobs Theater on Apple’s campus in Cupertino, California.
Justin Sullivan | Getty Images
Apple advanced the company’s strong earnings report to become the world’s most valuable public value company, beating Saudi state oil giant Aramco at the market close on Friday.
Shares of Apple closed up 10.47% on Friday and valued at $ 1.84 trillion in the market. Saudi Aramco, which had been the most valuable publicly traded company since its market debut last year, now stands at $ 1.76 trillion at its first close.
Apple’s strong third-quarter fiscal results, released on Thursday, boosted its shares as investors concentrated behind 11% year-on-year growth. Apple also announced a 4 by 1 stock split.
The company has recovered from its pandemic low in March. Shares have risen more than 44% this year.
“Despite COVID-19 headlines, Apple increased revenue across all segments and geographies, surpassing consensus revenue by 14% as it increases its commitment to ecosystems,” analysts Morgan Stanley wrote Friday in a note research.