Apple has become the most valuable public trading company, beating Saudi Arabian state-owned oil corporation, Aramco. Apple’s stock market prices rose by around 10.4 per cent at the market closing time on Friday, helping it to boost its value.
As of now, Apple’s market valuation is pegged at about $1.84 trillion to Aramco’s $1.76 trillion. Aramco went public in 2019 and since then it had held the position of being the most valuable public company. Aramco’s market valuation is also based on Friday’s market closing price.
Apple adds to market value, sales beat woes
The American tech giant has weathered the pandemic storm in a near-perfect manner. According to data released by the company on 30th July, the company had profits to show for the third quarter of the fiscal year, ending in June.
Moreover, the company has also had a year-on-year growth rate of about 11 per cent. Finally, while Apple sales were slipping in March when Coronavirus was still making headways, sales have since gone up substantially. In fact, Apple’s share value has increased by about 44 per cent.
The most-demanded Apple products currently are iPad and the MacBook. The reason for this is that with most organisations having to engage in work-from-home solutions, these devices have become the need of the hour for the workforce.
Also, with respect to Apple, too, the company’s home-based work policies have also helped the company recover on its feet without any mishap. For the third quarter, Apple reported an increase of around 31 per cent in the sale of its iPads as compared to the same quarter last year.
MacBook sales were up by around 18 per cent compared to the last financial year. Alongside these two products, Apple also sold more Apple Watches and AirPods. The Other Products domain that account for these two products also showed an increased revenue by about 17 per cent as compared to last financial year’s third quarter.
In their assessment, Morgan Stanley analysts noted, “Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises”. This analysis has also added to Apple’s tale of promise in these worrying times.