Apple leapfrogs Saudi Aramco now world’s biggest company

T

Friday, Apple’s stock closed at an all-time high of $425 and change with a market cap of $1.8 trillion, as tracked by the Dow Jones Market Data Group. For the year, shares have advanced 44.7 percent to a fresh record.  Conversely, Aramco’s stock is down 6.4 percent since the end of December.

Aramco, Saudi Arabia’s majority state-owned oil conglomerate’s market value sits at $1.7 trillion. The price of oil has been hammered in the global pandemic as airlines and cruise lines came to virtual standstills amid the height of the coronavirus and with many consumers continuing to work from home and limiting automobile travel.

Apple reported a blowout quarter on Thursday posting an 11 percent jump in revenues to $59.7 billion exceeding Wall Street estimates, despite 25 percent of global stores still closed.

And in an extra bonus, it unveiled a four-for-one stock split that may entice a new crop of investors. The move is offered “to make the stock more accessible to a broader base of investors,” according to the earnings release.

READ MORE ON FOX BUSINESS

News Aggregate Contributor

KY stargazer

Certified news not hobby songwriter/poet writer citizen journalist, but from the Bluegrass State of Kentucky home of the Kentucky derby and best bourbon in the world.  I enjoy anything astronomy space program into all sports in all forms of music I enjoy people humor and good conversation and I support Donald Trump and make no excuses for it!

KY stargazer