Apple is now the world’s most valuable publicly traded company, passing Saudi Arabia’s state-owned oil company Saudi Aramco.
Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at $1.76 trillion as of its last close.
Apple’s strong fiscal third quarter earnings, released Thursday, boosted its stock, as investors rallied behind the company’s 11% year-over-year growth. Apple also announced a 4-for-1 stock split.
The company has recovered from its pandemic low-point in March. Shares are up more than 44% this year.
“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” Morgan Stanley analysts wrote in a research note Friday.
