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Apple briefly overtakes Aramco

International Business
Sat, 01 Aug 2020

NEW YORK: Apple’s stock hit a record high yesterday after reporting blockbuster quarterly results, helping the iPhone maker briefly overtake Saudi Aramco to become the world’s most valuable publicly listed company.

Apple’s stock surged to as high as $412.22 a share, putting its market capitalisation at $1.762 trillion, according to the share count provided by Apple in a regulatory filing yesterday.

Saudi Aramco, which has been the most valuable publicly listed company since going public last year, had a market capitalisation of $1.760trn as of its last close, according to Refinitiv data.

Last up 6.2 per cent at $408.78 in midday trading, Apple’s market capitalisation stood at $1.748trn. After Apple bought back $16 billion worth of shares in the June quarter, it had 4,275,634,000 outstanding shares, as of July 17, according to the filing.

With yesterday’s stock gain, Apple’s has surged about 40pc year to date, with investors betting that it and other major US technology companies will emerge from the coronavirus pandemic stronger than smaller rivals.

In its quarterly report, Apple announced a four-for-one stock split, with trading on a split-adjusted basis starting on Aug. 31. It will be Apple’s first share split since 2014.

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