Apple becomes world’s most valuable company

After reporting its blockbuster Quarterly result stock of Apple Inc increased 10% to a record high making Apple world’s most valuable publicly listed company. The company has shown a great recovery from its low-point in March during the pandemic.

Background

As per the share count provided by Apple Inc. Its stock closed at $425.04 putting company’s market capitalization at $1.82 trillion. Even Saudi Arabia’s State-owned Saudi Aramco which had been the most valuable publicly listed company since the time it went public last year had a market capitalization of $1.760 trillion. This unprecedented event which added $172 billion was Apple’s largest one-day percentage gain since March 13. It was even greater than the entire stock market value of Oracle group;

Reason Behind

Amid the current pandemic when everywhere there is a surge for electronic devices for working online, the company saw increased demand for its devices. Its total revenue for Q3 hit $59.7 billion, which is 11 per cent higher from the last financial year. Strong Mac and iPad sales were a highlight. The company also announced a four-for-one stock split as part of its Q3 earnings, which will decrease the price of an individual stock.

Get these updates on Current Affairs Today Android App

Watch A Video on our Channel

Advertisement

Month:

Categories: Economy & Banking Current Affairs

Tags:

Comments