Apple Tops Saudi Aramco as Most Valuable Publicly Listed Company

Saudi Aramco, which had been the most valuable publicly listed company since going public last year, had a market capitalisation of $1.760 trillion as of its last close.

By Reuters | Updated: 1 August 2020 10:53 IST

Apple Tops Saudi Aramco as Most Valuable Publicly Listed Company

With Friday's stock gain, Apple's has surged about 45 percent year to date

Highlights

Apple had 4,275,634,000 outstanding shares as of July 17
Friday's growth was Apple's largest 1-day percentage gain since March 13
Over 20 analysts raised their price targets for Apple's stock

Apple surged over 10 percent to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker eclipse Saudi Aramco to become the world's most valuable publicly listed company. Apple's stock ended the session at $425.04 (roughly Rs. 31,800), putting its market capitalisation at $1.82 trillion (roughly Rs. 1.3 crore crores), according to the share count provided by Apple in a regulatory filing on Friday.

It was Apple's largest one-day percentage gain since March 13, and it added $172 billion (roughly Rs. 1.2 crore crores) in market capitalisation during the session, greater than the entire stock market value of Oracle.

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

Apple Only Smartphone Maker to See Growth in Sales in Q2 2020: Canalys

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 Friday's stock gain, Apple's has surged about 45 percent 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 August 31. It will be Apple's first share split since 2014.

Apple Confirms New iPhone Models Won’t Debut in September

Over 20 analysts raised their price targets for Apple's stock following the company's report, according to Refinitiv. However, the new median analyst price target of $409.63 is more than $15 short of Friday's closing price.

© Thomson Reuters 2020

Is iPhone SE the ultimate 'affordable' iPhone for India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts or RSS, download the episode, or just hit the play button below.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.