Apple has become the most expensive company in the world

Apple again became the most expensive company in the world, the capitalization of the American Corporation on the background of a rally in shares associated with a strong report, reached $ 1.77 trillion, which exceeded the cost of oil Saudi Aramco, according to trading data.

Today, Apple shares are rising by 6.51%, to $ 409.81 per share, based on this value, the company’s capitalization is about $1.77 trillion. At the same time, the capitalization of Saudi Aramco is approximately 1.76 trillion.

After the Saudi company’s IPO in December 2019, its value was estimated at almost $ 2 trillion, while Apple’s figure was then only $ 1.2 trillion – almost half that. Thus, as a result of the placement, Saudi Aramco became the largest company in the world by capitalization, while Apple fell to second place. On Friday, the iPhone maker beat the Saudi oil giant for the first time in this indicator.

On Friday night, Apple, along with a number of other technology companies, reported its financial results for the quarter. According to the results of the third quarter of the 2019-2020 financial year, net profit rose by 12% to 11.253 billion dollars. Diluted earnings per share were $ 2.58 compared to $ 2.18 a year earlier, with a forecast of $ 2.04. The company’s revenue for the reporting period increased by 11% to 59.685 billion dollars, with a forecast of about 52.2 billion.

Apple, founded in 1976, manufactures personal and tablet computers, audio players, phones, smartwatches, and software.

Saudi Aramco is the national oil company of Saudi Arabia, founded in 1933. The headquarters is located in Dhahran. The company controls almost all of the country’s oil production capacity.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
Steve Cowan

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