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Apple is now the world's most valuable company, dethroning oil giant Saudi Aramco

“We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity," Apple CEO Tim Cook said of the company's blowout quarterly earnings.
Iconsiam Mega-Mall and Residences at Mandarin Oriental In Bangkok As Thai Luxury Developer Says Hong Kong Protests Are Good for Sales
Customers browse products at an Apple Inc. in Bangkok on Aug. 16, 2019.Nicolas Axelrod / Bloomberg via Getty Images
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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 by 10.47 percent 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 percent year-over-year growth. Apple also announced a 4-for-1 stock split.

Apple now has a market valuation of $1.84 trillion.

The company has recovered from its pandemic low-point in March. Shares are up more than 44 percent this year.

“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 percent as ecosystem engagement rises,” Morgan Stanley analysts wrote in a research note Friday.

Apple saw widespread retail closures during the quarter, especially in the United States, but touted both work-from-home trends and strong online sales as delivering a boost to overall operations.

“We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small, and certainly for families,” CEO Tim Cook said on a call with analysts on Thursday.