Saudi Aramco was the world’s most valued listed company last year, but tech industry giant Apple has set a new record after the stock rose more than 10 percent. Apple shares rose more than 10% to a record high and with this Apple now surpassed Saudi Aramco to become the world’s most valuable listed company.
As per Reuters report, Apple’s stock ended the session at $ 425.04 and at the end of the stock session, Apple’s valuation was $ 1.82 trillion while Aramco had $ 1.76 trillion. Apple’s valuation then increased to $ 172, higher than Oracle’s valuation. This was Apple’s largest one-day percentage since March 13.
The report reported that Saudi Aramco, which was the most valuable public company after going public last year, had a market capitalization of $ 1.760 trillion, according to Refinitiv data. Apple had repurchased $ 16 billion worth of shares in the June quarter and had 4,275,634,000 outstanding shares as of July 17, according to the filing. Apple gained nearly 45%, with the stock gaining on Friday. With this, investors expect it and other major US technology companies to emerge from the coronovirus epidemic compared to smaller rivals.
In its Quarterly Report, Apple announced a four-in-one stock split in trading on a split-adjusted basis starting on August 31, and this would be Apple’s first stock split since 2014. However, surpassing Saudi Aramco to become the world’s most valuable company is a big achievement for Apple.
Apple has made a significant place not only in the stock market but also in the tech industry and this is the reason that users are also kept watchful of every movement related to the company in the market. Let us know that this time the company is going to bring iphone 12 for its users and so far many leaks and revelations have come out about it. But a report recently revealed that the company will not launch iphone 12 in September, like every time. According to the report, due to the delay in production, users may have to wait until October for iphone 12.