Apple is Now the World’s Most Valuable Publicly-Traded Company
Aug. 1, 2020Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco was worth $1.76 trillion at the end of Friday’s trading session. It had remained the world’s most valuable publicly-traded company following its market debut last year.
In a research note on Friday, Morgan Stanley analysts credited growth inApple’s ecosystemfor the company’s increased profitability.“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises”, they said.
Apple’s growth during the last quarter came at a time when most consumer electronics companies are still struggling to recover from the effects of COVID-19. Apple, itself, has faced serious problems recently, having to close down its stores around the world. Not only did it shut down stores because of the pandemic, but in the US, it also had toclose many of its storesbecause of the continuing Black Lives Matter protests.
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