Apple released its third quarter financial report for the fiscal year 2020 a day ago, posting a revenue of $59.7 billion (up 11% on a YoY basis) on top of strong hardware sales. Following the earnings reveal, Apple’s stock went up by 10.47% and it helped the company achieve a market valuation of a staggering $1.84 trillion (via CNBC), the highest market cap of any company in the world.
With that market cap, Apple toppled Saudi Aramco as the most valuable publicly traded company on the planet. State-owned Saudi Aramco – which has held the distinction of being the world’s most valuable publicly-owned company ever since its IPO – currently has a market value of $1.76 trillion as of the market’s closing on Friday.
Apple also announced a four-for-one stock split in its quarterly report, riding on top of a record-breaking quarter that shattered analyst predictions in the wake of the pandemic. The company’s June quarter witnessed double digit growth in the sale of both products as well as services across all markets.