Apple released this week its financial report for the third quarter of fiscal year 2020, recording revenues of $ 59.7 billion (11% more than the previous year) in addition to strong hardware sales.
Following the announcement of the results, Apple’s shares rose 10.47% and helped the company achieve a market value that reaches a staggering $ 1.84 trillion (or $ 1,840,000,000,000). , the largest market capitalization of any company in the world.
With that market capitalization, Apple has surpassed Saudi Aramco as the most valuable publicly traded company on the planet.
The state-owned Saudi Aramco, which has held the distinction of being the most valuable public company in the world since its IPO, currently has a market value of $ 1.76 trillion at market close on Friday.
Apple also announced a four-for-one stock split in its quarterly report, after a record-breaking quarter that broke analyst predictions in the wake of the pandemic. The June quarter witnessed double-digit growth in the sale of products and services in all markets.