Apple is now the most important of the entire publicly traded company, passing Saudi Arabia’s oil company Saudi Aramco. As close as Friday’s business was, Apple had a market valuation of $ 1.84 trillion, while Saudi Aramco’s had $ 1.76 trillion, according to CNBC. Apple stock, which was initially upbeat since the end of March, closed more than 10 percent on Friday following the company’s record-breaking third-quarter earnings on Thursday, ending the day at $ 425.04.
Apple’s total revenue for Q3 hit $ 59.7 billion, up 11 percent from last year. Strong sales of Mac and iPad are a highlight, and the company is likely to see an increase in demand for devices as people hide in the area due to the COVID-19 war. Apple also announced a four-for-one stock split as part of earnings in the third quarter, lowering the price of an individual stock.
Amazon, Facebook, and Google all announced earnings yesterday as well, and for the most part, they have pretty good accommodation. Amazon doubled its revenue – during a pandemic. Facebook saw a daily user increase of 12 percent year on year to 1.79 billion. And combined, the four companies netted $ 28.6 billion in revenue. As my colleague Liz Lopatto put it, during the pandemic, tech companies entered it.