Apple CEO Tim Cook greets attendees at a special event on September 10, 2019 at the Steve Jobs Theater on Apple Cupertino, California campus.
Justin Sullivan | Pictures of Getty
Apple picked up the company’s strong earnings report to become the world’s most publicly traded company, surpassing Saudi state oil giant Aramco in the close of Friday’s market.
Shares of Apple closed up 10.47% on Friday, giving it a market valuation of $ 1.84 trillion. Saudi Aramco, which was the most publicly priced listed company since its market debut last year, is now above $ 1.76 trillion from its close end.
Apple’s strong third-quarter fiscal gains, released Thursday, strengthened its stock, as investors rallied after the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock split.
The company recovered from its pandemic low in March. Shares are up more than 44% this year.
“Despite COVID-19 headwinds, Apple has grown revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” analysts Morgan Stanley wrote in a note research on Friday.