In morning trading, Apple became the world’s most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings.
Apple rose as much as 7.1% in morning trading on Friday, hitting a record market cap of $1.765 trillion. It’s the first time the company’s valuation has surpassed that of Saudi Arabia’s national oil company, which in December made its market debut in Riyadh.
The horse race with Aramco comes after a tumultuous period for the Saudi company. Its initial public offering fell short of Crown Price Mohammed bin Salman’s expectations… Then came this year’s plunge in crude prices as energy demand crashed with the spread of the virus. Aramco’s second-quarter revenue probably dropped to about $37 billion from $75 billion a year earlier, according to analyst estimates compiled by Bloomberg. That’s less than the $59.7 billion in sales that Apple reported for the most recent period.
Aramco’s stock is down 6.4% since the end of December… Apple, meanwhile, has benefited as the pandemic has strengthened the market positions of the world’s biggest technology companies, which boast strong balance sheets and fast-growing businesses thanks to an acceleration in the shift to digital services. The iPhone maker has added more than $1 trillion in market value so far this year.
MacDailyNews Take: Apple has been the world’s most valuable company since its inception.
Trillion, schmillion. Over time, Apple will go much higher than that. The company is currently horribly undervalued. – MacDailyNews, March 1, 2018
The next ten years are going to be absolutely amazing for Apple. The company has just started to really get going! — MacDailyNews, August 2, 2017
The greatest company on earth is still wildly undervalued! The march to $2 trillion has begun! — MacDailyNews, August 2, 2018