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Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close.
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.
The article goes on to state the following:
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.
Morgan Stanley analysts said in a report: “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises.”
— Javier Blas (@JavierBlas) July 31, 2020
Apple dethrones oil giant Saudi Aramco as the world’s most valuable company https://t.co/CV4ZF0QYIu
— Business Insider (@businessinsider) July 31, 2020
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