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.
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.