UPDATE (20/08/20): Apple has just become the first US company to cross the US$2 trillion value threshold.
In the wake of its Q3 earnings announcement, Apple (NASDAQ: AAPL) has surpassed state-owned oil company Saudi Aramco (TADAWUL: 2222) to officially become the world’s most valuable company. Currently, its market valuation sits at US$1.84 trillion – yes, with a “T” – exceeding the previous title holder by approximately US$80 billion.
As you may have pieced together by now, the Q3 earnings announcement indicated very strong numbers. Reporting a total figure of US$59.7 billion, the news caused a fair bit of movement in Apple’s share price. Bumped upwards of almost 11% from the previous market close, it finished the week at around US$425 a share. Hence the US$1.84 trillion market valuation.
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This latest development is monumental in several ways. For one, Saudi Aramco has remained in the top spot of the world’s most valuable company rankings since its jaw-dropping 2019 IPO. For another, if you recall just two years ago almost to the day, Apple broke the trillion-dollar threshold. Meaning they’ve continued to grow at quite an impressive rate.
In related news, Apple also announced a four-to-one share split which will effectively lower the price of an individual share going. So all you investors out there will soon have a chance to get in on the action for around US$100 (depending on how high it soars in this coming month, of course). This follows a similar decision made back in 2014 when a seven-to-one share split offered at the time rendered the US$600 per share price to around US$92 per share.
Interesting times…
