Apple CEO Tim Cook greets attendees during a special event on September 10, 2019 at the Steve Jobs Theater on the Apple campus in Cupertino, California.
Justin Sullivan Picture of Getty
Apple released a report on the company’s strong profits to become the world’s most valuable publicly traded company, surpassing state oil giant Saudi Aramco at the end of the market on Friday.
Shares of Apple closed at 10.47% on Friday, giving the market an estimate of 1.84 trillion. Saudi Aramco, which was the most valuable publicly registered company since its market debut last year, now stands at $ 1.76 trillion.
Apple’s strong third-quarter earnings on Thursday boosted its inventories as investors gathered for the company’s 11-year growth for the year. Apple also announced a 4-on-1 split.
The company recovered from its pandemic in March. Shares rose more than 44% this year.
“Despite the COVID-19 backwinds, Apple has grown revenue in every segment and geography, outpacing consensus revenue by 14% as environmental activity grows,” analysts Morgan Stanley wrote in a research note on Friday.