Apple is now the world’s most valuable publicly traded company, passing Saudi Arabia, the state-owned oil company, Saudi Aramco. At the end of Friday’s business day, Apple has a market value of $ 1.84 trillion, while Saudi Aramco’s is $ 1.76 trillion, according to CNBC. Apple’s stock, which has been steadily increasing steadily since late March, closed more than 10 percent Friday, following the company’s record third-quarter gains on Thursday and ending the day at $ 425.04.
Apple’s third quarter total revenue was $ 59.7 billion, up 11 percent from last year. Strong Mac and iPad sales were a high point, and the company likely saw increased demand for the devices as people went into hiding due to the COVID-19 pandemic. Apple also announced a four-for-one stock split as part of its third quarter earnings, which will also happen lower the price of an individual stock.
Amazon, Facebook and Google also all reported gains yesterday, and for the most part they had pretty good quarters. Amazon doubled its profits – during a pandemic. Facebook saw daily user growth of 12 percent year-over-year to $ 1.79 billion. And together, the four companies made a profit of $ 28.6 billion. As my colleague Liz Lopatto said, during the pandemic, the technology companies bring it in.