Apple has officially surpassed oil giants Saudi Aramco as the worlds most valuable company according to the latest share count submitted by Apple.
Apple’s market valuation rose to $1.84 trillion after its shares closed at $425.18. This valuation is based on the number of outstanding shares along with the share prices. Saudi Aramco previously held the title as most valuable company in the world, now trails behind Apple at a valuation of $1.76 trillion as of its last close, according to CNBC.
According to analysts Morgan Stanley, “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,”
— The Verge (@verge) July 31, 2020
Apple’s Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date.
To read the full breakdown of Apple’s Reports on the Third Quarter Results click here.