Apple Left Saudi Aramco Behind!

Apple Left Saudi Aramco Behind!

US technology company Apple has outperformed Saudi Aramco and managed to become the most valuable company in the world. Apple, whose market value reached $ 1,817 trillion, surpassed Saudi Arabian oil company Saudi Aramco. Thanks to the good profit figures beyond expectations, Apple left Saudi Aramco behind, making it the world's most valuable company. Apple shares rose 10 percent in Friday's trading and ended the day at a record market value of $ 1,817 trillion. The company surpassed the value of Saudi Arabia's national oil company ($ 1.76 trillion), which began trading in Riyadh in December. Just before becoming the world's most valuable company, Apple was competing with Microsoft for the title of the largest company traded on the stock market. Saudi Aramco, on the other hand, did not meet the expectations of Crown Prince Mohammed bin Salman when the initial public offering was realized. Bin Salman wanted to make a valuation of 2 trillion dollars and to collect around 100 billion dollars. But foreign investors were afraid of such pricing. The company earned about $ 30 billion in capital with a smaller public offering. After that, the decrease in demand due to the coronavirus pandemic brought along the decrease in oil prices. Saudi Aramco's second quarter revenue fell from $ 76 billion last year to $ 37 billion this year. This level stands at $ 59.7 billion below sales revenue compared to Apple's latest quarter figures. Saudi Aramco's shares have dropped 6.4 percent since late December. Apple's shares, which had positive results due to strengthening the market position during the pandemic period, gained 45 percent this year.