Apple is officially the most valuable publicly traded company in the world, NBC News reports.
By Friday's market close, Apple was valued at $1.84 trillion, pushing the tech company past oil giant Saudi Aramco ($1.76 trillion) which had been the most valuable publicly listed company since it debuted on the market in 2019.
While a lot of companies may be on their heels due to the coronavirus, Apple was able to put together strong fiscal third-quarter earnings, per reports released on Thursday. Investors rallied behind the company’s 11 percent year-over-year growth and Apple announced a 4-for-1 stock split. Also, shares are up more than 44% this year.
"Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 percent as ecosystem engagement rises," Morgan Stanley's research note states.
Apple was able to sustain itself through the pandemic by shifting its focus. Although the company had massive retail closures during this quarter, it started to put an emphasis on decentralizing and embracing work-from-home trends. Online sales also proved to be a strong boost for Apple. This comes as a relief for Apple as it knows that the pandemic has the world inching towards a global financial crisis.
"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," Apple CEO, Tim Cook, said during a talk with analysts per NBC.