Tech company Apple became the most valuable stock exchange company in the world on Friday. Apple's share price rose more than 7 percent after better-than-expected quarterly results, pushing its stock market value slightly higher than Saudi state oil company Saudi Aramco.
A share of the tech giant was worth $ 412.22 (349.34 euros) on Friday around 8 p.m., an increase of more than 7 percent, bringing the stock market value to $ 1.762 trillion ($ 1.762 billion). With that, Apple just passes Saudi Aramco, which according to Refinitiv figures has a market value of $ 1.760 trillion.
Apple shares are going up on Friday due to the good quarterly results. The tech giant announced Thursday in the quarterly figures that it had a turnover of $ 59.7 billion. That is 11 percent more than in the same quarter last year. Earnings were also higher, at $ 11.25 billion ($ 9.46 billion) compared to $ 10 billion last year.
With Friday's appreciation, Apple stock has already gained 40 percent more this year, partly as the company has performed better than expected time and time again. Investors with confidence in Apple seem to indicate that they expect large tech companies to emerge from the corona crisis more strongly than smaller rivals.