Apple Is Officially the World's Most Valuable Company
Apple is now the world's most valuable company, based on its current market valuation of $1.84 trillion (approximately P90.3 trillion), NBC News reports. That's despite that coronavirus pandemic, too.
“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said CEO Tim Cook. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”
Late last week, Apple's share prices closed up by 10.47 percent. Earlier, the company announced its third-quarter earnings of $59.7 billion, as well as a 4-for-1 stock split.
"We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity for businesses large and small, and certainly for families," CEO Tim Cook said in a statement.
Saudi Aramco, the largest and most profitable oil company held the same title last year, wasn't far behind. As of its last close, it had a market valuation of $1.76 trillion. (Still pretty far from Apple, but you know what we mean.)
“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 percent as ecosystem engagement rises,” Morgan Stanley research note states.