Apple is always in the news for its ever-growing smartphone market. Apple has often ruled that quarter of the market, but now it’s coming out stronger. Last Friday, Apple successfully reported its market valuation of a whopping $1.84 trillion, 10% more than Saudi Aramco. And just like that, now Apple’s world’s most valuable company
Apple’s long journey to vie as no. 1
Apple has always been a famous company. However, it’s still the first time that Apple has topped the charts to become the world’s most valuable company. On the other hand, Saudi Aramco had made its market debut just last December but successfully reigned it all. Even before that, Apple had always been thwarted by Microsoft, for the title of the world’s most valuable company.
It would not have succeeded even now, had it not been for the tumultuous period of the Saudi Company. Its foreign investors had baulked when the Crown Prince demanded a hike in the domestic offerings. And then, it also took a hard hit because of the global pandemic- Covid-19. This led to a decrease of nearly $40 trillion in the second quarter of 2020.
Covid-19 and Apple
The spread of the coronavirus had a very serious effect in most countries around the world. But Apple was not one of them. Apple has, instead, benefited from the pandemic as it strengthened the market positions of technology companies and digital services. Apple managed to grow its revenue even in the midst of a pandemic. Only the iPhone makers gained 45% so far this year, let alone other Apple products. According to a report by Morgan Stanley analysts, Apple revenues increased by around 14%. Even the Apple CEO was surprised by realizing the importance of their products in the customers’ lives.
Although there was a minor setback when the pandemic first set in, Apple quickly recovered. As per the financial results, Apple experienced an 11% increase in revenue this quarter, as compared to the year-ago quarter. Even its shares have increased by more than 44% this year. Even it’s CFO was amazed and publicly acknowledged Apple’s ability to innovate and execute during tough times. So, it won’t be wrong to say that the pandemic had a big role to play in establishing Apple as the world’s most valuable company.
This is definitely good news for Apple fans, even for the ones that were disturbed by the delay in the launch of iPhone 12. So congratulations to its loyal customers, it’s allowing them that Apple has successfully become the most valuable company in the world, after years of aiming to do so.
