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Saudi Aramco surpassed by Apple to become world’s most valuable company

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The company’s strong earnings report to become the world’s most valuable publicly traded company was ridden by Apple, exceeding the state oil giant Saudi Aramco at Friday’s market close.

A market valuation of $1.84 trillion was given to Apple, after its shares closed up 10.47% Friday. The most valuable publicly listed company since its market debut last year, Saudi Aramco, now trails at $1.76 trillion as of its last close.

Apple’s strong financial third quarter earnings, released Thursday, enhanced its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock division.

The company has improved from its pandemic low-point in March. This year, their shares are up more than 44%.

Morgan Stanley analysts wrote in a research note Friday, that “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises.”

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