Apple is now the world’s most valuable company with a market valuation of US$1.84 trillion.
The company surpassed oil giant Saudi Aramco yesterday, July 31, to become the most valuable publicly traded company after strong third-quarter earnings.
Despite the impact of the coronavirus (COVID-19), Apple was able to grow revenue in every segment and geography, said analysts Morgan Stanley.
Apple closed many of its stores globally, especially in the United States, as the virus pandemic affected business operations.
Following the release of its earnings Thursday, Apple’s CEO Tim Cook said, “We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small, and certainly for families.”
Saudi Aramco was previously the world’s most valuable company since its 2019 but has now ranks seconds with a valuation of US$1.76 trillion.