Apple is no longer the world's 'biggest company'
Wednesday, December 18, 2019 IST
Apple has been toppled as the world's most-valuable company. The iPhone maker has been dethroned by Saudi Arabia's oil giant Aramco after a record-breaking IPO. Apple, which was valued at around $1.2 trillion recently, was overtaken by Saudi Aramco that went public. Aramco surged 10% on its opening day and touched almost $1.9 trillion. The company's shares jumped 10% on first day of trading (December 11) publicly on Saudi Tadawul exchange.
The company raised $25.6 billion in its initial public offering, surpassing Alibaba's (went public in September 2014). Aramco's market valuation is more than that of other oil giants, including BP, Exxon Mobil, Royal Dutch, Shell and others.
Apple had been holding on to the top position since almost February this year, with rival Microsoft not far behind. Microsoft even displaced Apple briefly. Apple first surpassed $1 trillion in August last year. It became the first public company to reach $1 trillion valuation in August 2018.
Incidentally, Apple's market cap surged past the entire US energy sector's in November 2019 after it announced its quaterly results. The company closed November 14 with a $1.17 trillion market cap, consolidating its position as the world's most valuable public company. Its stock surged the company topped Wall Street's estimates for both revenue and profits, thanks to strong sales of its wearable products and online services.
Related Topics
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 10K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in Electronics & Gadgets
Moment marketing is making brands easily discoverable
Recently posted. 1K views . 0 min read
Planning to buy a property for own use or investment? No matter what the reason, always check the past record of the builder before parting with your hard-earned mo...
Recently posted. 805 views . 2 min read
Indignant at Maria Sharapova admitting she didn't know who Sachin Tendulkar was, a lot of Indian cricket fans ran an online campaign of sorts to target the Russ...
Recently posted. 877 views . 1 min read
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 1K views . 48 min read
Recently posted . 3K views . 20 min read
For Mumbaikar, spending at least one or two holidays in Lonavala comes most naturally. An ideal destination for winter, monsoon, and even summer, Lonavala invites t...
Recently posted. 1K views . 2 min read
Holi, the festival of colours would be celebrated across the country tomorrow. For students who are appearing for CBSE Board Examination 2019 and planning to play H...
Recently posted. 965 views . 1 min read