Shares of Apple closed at $ 425.04. The market capitalization of the company is 1.82 trillion dollars (40.6 trillion crowns). The market capitalization of Aramco, the most valuable company in the world since its listing last year, is $ 1.76 trillion.
Friday’s growth was the highest daily growth in Apple shares since March 13. The company increased its market capitalization by $ 172 billion in one day. That’s more than Oracle’s market value.
Since the beginning of this year, Apple shares have strengthened by about 45 percent. Investors are betting that Apple and other major US technology companies will emerge from the coronavirus pandemic stronger than smaller competitors.
Apple will split the stock
Apple announced quarterly financial results on Thursday, as well as a division of shares. From August 31, one of its shares is to be divided into four. Apple last split shares in 2014. The company said it decided to make the move more affordable for more investors.
The dismissal of Aramco comes at a turbulent time for Saudi society. Its primary offering of shares did not meet the expectations of Crown Prince Muhammad bin Salman, who originally wanted to value the company at two trillion US dollars and get $ 100 billion from the primary offer. However, foreign investors were frightened by prices, and the government eventually made a smaller domestic offer and received about $ 30 billion. Even so, the company’s offer became a record.
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This year, Aramco was hit by a sharp drop in oil prices caused by a drop in energy demand in response to the covid-19 epidemic. Aramco’s second-quarter revenue fell to $ 37 billion from $ 76 billion a year, according to analysts surveyed by Bloomberg. Apple’s revenue was $ 59.7 billion last quarter.
Shares of Aramco have fallen 6.4 percent since the end of December. But that’s much less than the shares of other major oil companies have lost. Shares of Exxon Mobil fell 40 percent and Royal Dutch Shell 50 percent.
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