Apple's $59.7 billion in revenue, an increase of 11% increase year-on-year, in the third quarter ending June 2020, was more than Wall Street estimates thanks to a surprise growth in iPhone sales. Apple's stock ended the session at $425.04 (roughly Rs. 31,800), putting its market capitalisation at $1.82 trillion (roughly Rs. 1.3 crore crores), according to the share count provided by Apple in a regulatory filing on Friday. That allowed Apple to close with a market valuation higher than Saudi Arabian oil juggernaut Saudi Aramco, which has held the number-one spot since it went public past year.
The strong earnings report helped Apple shares closed up 10.47 per cent on Friday to become the world's most valuable publicly traded company, surpassing the largest oil producer, reports CNBC. Meanwhile, Saudi Aramco trails at $1.76 trillion.
After Apple bought back $16 billion worth of shares in the June quarter, it had 4,275,634,000 outstanding shares, as of July 17, according to the filing.
On Thursday too, the company's shares soared up to 6 per cent after Apple reported revenue gains across every category and in every geography as consumers working and learning from home during the COVID-19 pandemic turned to its products and services.
Apple also announced a four-for-one stock split in its quarterly report, riding on top of a record-breaking quarter that shattered analyst predictions in the wake of the pandemic.
Sharing similar sentiments, Apple CEO Cook said, "In an uncertain environment, Apple saw a quarter of historic results demonstrating the important role our products play in our customers' lives", Cook said.