Apple is the world’s most valuable listed company today, overtaking Saudi Arabia’s state-owned oil company Saudi Aramco. At Friday’s close, Apple has a market valuation of $ 1.84 trillion, while Saudi Aramco is $ 1.76 trillion, according to CNBC. Apple stock, which has risen largely steadily since late March, closed more than 10 percent on Friday after the company’s record third quarter earnings on Thursday, ending the day at $ 425.04.
Apple’s total revenue for the third quarter was $ 59.7 billion, up 11 percent year over year. Strong Mac and iPad sales were a highlight, and the company was likely to see increased demand for the devices as people sought protection from the COVID-1
Amazon, Facebook and Google also announced earnings yesterday, and for the most part they had pretty good quarters. Amazon doubled its profit – during a pandemic. Facebook saw a daily user growth of 12 percent over the previous year to 1.79 billion. Together, the four companies generated a profit of $ 28.6 billion. As my colleague Liz Lopatto put it, tech companies are raking it up during the pandemic.