Apple has overtaken the Saudi oil company to become the world’s largest company. Now, Apple becomes the world’s largest company.
American company Apple has succeeded in becoming the most valuable company in the world. Apple’s share price rose a record 7.1 percent on Friday. Apple’s stock has risen since the company’s quarterly report released encouraging data.
The Coronavirus epidemic has led to a sharp drop in global demand for oil. This has also affected Saudi Arabia’s state-owned oil company, Aram.
The decline in oil demand due to the Coronavirus epidemic and the rise in Apple’s share price has finally made Apple Aram the world’s number one company.
Apple Corps’ stock price reached 4 hundred 12 American Dollars as the market opened on Friday. Apple’s market value reached 1.765 trillion dollars.
Recently, Apple Co-founder filed a lawsuit against Youtube. Apple Co-founder is alleging that his name was misusing in a fake Bitcoin-related video ad. And that YouTube refused to broadcast the video.
Aram, a Saudi company that went public last year, had a market capitalization of 1.759 trillion dollars on Friday.
Apple’s market cap reached 1.5 trillion dollars for the first time in June. Apple’s market capitalization has risen to 1.786 trillion dollars following the recent rise in share prices.
Apple Corps’ revenue rose 11 percent to 59.7 billion dollars in the third quarter of 2020, according to a recent public report. Of that, the company’s profit alone is 11.25 billion dollars.
Sales of the iPad and Mac have skyrocketed during this period, contrary to experts’ predictions of a decline in sales of all Apple products during the global Coronavirus epidemic.