Apple has today become the world’s most valuable company, after experiencing a surge in its public share price. This move pushes the Saudi Aramco oil company to second place, which has been at the top since last year. Apple also announced a 4-for-1 stock split which goes live starting this month-end.
Ability to control the sentiment of investors in the stock market is one of the most critical jobs of every public company. That being said, Apple has become good at that sport, as it wondered everyone with surprising results in its quarterly report, beating the estimates of analysts.
Apple is now the world’s most valuable publicly-traded company
On Friday, Apple has seen a huge spike of more than 10% of its stock price after releasing the quarterly report. This push has inflated the per-share value to $425.04, thereby keeping the market value of $1.82 trillion! This feat crowned Apple as world’s most valuable company, pushing the prevailing Saudi Aramco oil company.
The Saudi Aramco is valued at $1.76 trillion as per Refinitiv data and is now in the second position. Apple’s surge of over 10% is the highest since March 2020, where the company amassed over $172 billion value to its market capitalisation. Apple has now 4,275,634,000 outstanding shares as per the regulatory filing done on Friday. This also includes the buyback of $16 billion worth of shares in the June quarter.
Since the beginning of the quarter, investors maintained a positive feeling about Apple, since it’s one of the largest tech companies and be easily recoverable after the ongoing crisis. This sentiment bet the median estimate of $409.63 per share, made by 20 analysts. Further, Apple has also announced a 4-for-1 stock split starting from August 31st this year.
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