Apple’s Position as World’s Most Valuable Company Taken by Aramco
Apple’s position as the world’s most valuable company has been effectively taken by Saudi Arabian oil company Aramco. The change in positioning comes as Apple sees a sell-off of technology stocks while the global price of oil rises.
As reported by MacRumors, Apple’s stock fell five percent on Wednesday. The drop saw stock prices fall to $146.50. The stock price fell nearly 20% since the start of 2022. Thereafter, Apple’s market capitalization fell to $2.37 trillion.
Meanwhile, Saudi Arabian Aramco, one of the global leaders in oil, gained the top spot from Apple. Previously, in 2020, Aramco lost the top position to Apple. While Apple’s stock has dipped, Aramco’s stock has risen over 27 percent this year. Aramco’s profits have also doubled in 2021 thanks to increasing oil prices. Currently, Aramco’s stock market valuation stands at being just shy of $2.43 trillion.
The report notes that investors have been actively selling technology shares and cryptocurrency in exchange for less risky assets.
In its second-quarter earnings, Apple reported $97.3 billion in revenue. This set an all-time new record for the month of March for the company. Apple also reported strong growth for its iPhone, Mac, Apple Watch and accessories. Services provided by Apple also grew, strengthening its second-quarter results. Though, iPad revenue fell.