Apple is now the world’s most valuable company, surpassing Saudi oil firm Cupertino-based tech giant Apple has become the world’s most valuable company that trades publicly, going past Saudi Aramco– Saudi Arabia’s state-owned oil company.
As per a report by CNBC, “Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion.” Meanwhile, Saudi Aramco trails at $1.76 trillion.
While the COVID-19 pandemic disrupted a lot of industries and markets, Apple actually managed to grow its revenue. “Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” Morgan Stanley analysts mentioned in the report.
Sharing similar sentiments, Apple CEO Cook said, “In an uncertain environment, Apple saw a quarter of historic results demonstrating the important role our products play in our customers’ lives,” Cook said. Apple has already got back on track from the market lows caused by COVID-19 and it’s shares are “more than 44% this year”, according to the CNBC report.
Apple in the financial results for its fiscal 2020 third quarter ended June 27, 2020, announced that the company posted quarterly revenue of $59.7 billion, an increase of 11% from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18%. International sales accounted for 60% of the quarter’s revenue.
“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18% and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”