Categories: Business

Apple beats world's most valuable company, surpasses Saudi Aramco, has a market cap of $ 184,000 million

Photo: FOOL

Apple overtakes Saudi Arabia’s Aramco to become the most valuable company

San Francisco. Despite the world-wide Corona virus epidemic, which saw better results at the beginning of the year, legendary technology company Apple has now surpassed Saudi Arabian oil company Saudi Aramco to top the list of world's most valuable company. Apple's market capitalization has reached an all-time high of $ 184,000 million.

According to a CNBC report, Apple's shares have risen 10.47 percent as of Friday with better turnover, making Apple the most valuable publicly traded company in the world, beating the world's largest oil company. .

Saudi Aramco's market capitalization currently stands at $ 176,000 million. Apple's supply chain was affected due to the epidemic and due to this, the iPhone manufacturing company also had to close all its retail stores worldwide, but despite all this, the company's shares rose by 44 percent this year. Apple reported a turnover of $ 59.70 billion in the third quarter of its FY 2020, up 11 percent from the same quarter last year.

Apple sales up 25 percent despite global smartphone market decline

The global smartphone market saw a 14 per cent decline in the second quarter of this year, but Apple remains the only smartphone company to have sold 4.51 million iPhones globally during this period. According to a new report, Apple has registered a 25 per cent growth in this period compared to the previous year. In the second quarter, Samsung suffered 30 per cent in terms of sales or shipments, five per cent for Huawei, 10 per cent for Xiaomi, 16 per cent for Oppo and 23 per cent for other manufacturers, according to a report by market research firm Canalys.

Analyst Vincent Thielke said that Apple had defied expectations in the second quarter. Its new iPhone SE has been significant in the quarter, accounting for about 28 percent of global volume, while the iPhone 11 is a strong best seller at around 40 percent. According to Thielke, amidst delays in the release of Apple's next flagship, the iPhone SE will be key to increasing volume this year.

In China, the result was a blockbuster, Thielke said, rising 35 percent to 77 million units. It is unusual for Apple's second quarter shipments to grow sequentially. The worldwide smartphone market fell to 28.5 million units during April and May due to lockdown orders due to the Kovid-19 epidemic.

During the second quarter of the year 2020, there was an influx of Huawei. During this period, it sold 5.58 crore units, while Samsung stood at second and third position with 5.37 crore and Apple with 4.51 million units. In addition, Xiaomi finished fourth with 2.88 crore units, which suffered a decline of 10 per cent. Oppo took fifth place, overtaking Vivo. Oppo sold 258 million units, down 16 percent.

This post was published on August 1, 2020 4:46 pm

Content Team

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