With an estimated value of $1.82 trillion Apple Inc becomes the world’s largest public listed company, overthrowing Saudi Aramco (Saudi’s state-owned oil company). The company gained over 10% of shares to a record high at the end of the trading session for the week on Friday, after reporting impressive quarterly results.

This Apple’s largest one-day percentage gain added $172 billion in market capitalization during the session, greater than the entire stock market value of Oracle Corp, thus enabling the company’s total value.

Apple’s stock ended the trading session at $425.04, putting its market valuation at $1.82 trillion, according to the share count the company provided.

According to the company, the fiscal third-quarter revenue stood at $59.7 billion, a record for the June period. That was up to 11% from a year earlier and beat analysts’ estimates of $52.3 billion.

Although, Nairametrics, revealed that Apple Inc’s Q3 revenue smashed Wall Street forecasts in spite of COVID-19 restrictions, because consumers bought more new iPads, iPhones, and Mac computers to stay connected during the COVID-19 era.

However, Apple’s Chief Executive Officer, Tim Cook, was quoted in a press statement by the company to have said that the company’s positive performance is indicative of the important role the company’s products play in people’s lives.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. In uncertain times, this performance is a testament to the important role our products play in our customers’ lives.”

Saudi Aramco, which had been the most valuable listed company since going public in 2019, unfortunately lose the top seat this session. The company records a market capitalization of $1.760 trillion as of the end of the last trading session.

But after Apple bought back $16 billion worth of shares in the June quarter, it had 4,275,634,000 outstanding shares, as of July 17, according to the filing.

Apple also announced its plan to implement a four-for-one stock split, with trading on a split-adjusted basis starting on Aug. 31. It will be Apple’s first share split since 2014.

That means that, for each share of Apple stock that an investor owns, they’ll receive three additional shares. It also makes single shares in Apple more affordable for investors to buy. It follows a similar move Apple made in 2014, when it offered a 7-to-1 stock split. At the time, Apple was trading above $600 per share. The split brought shares of Apple to about $92 a share

Therefore, since Apple stock currently trades above $380, it means investors should expect to again have a chance to buy a share of Apple for around $100, depending on where the stock trades at the end of August.

The shares will be distributed to shareholders at the close of business on August 24, and trading will begin on a split-adjusted basis on August 31.

Apple was also ranked as the top ranking largest public company at the Forbes’ 18th annual ranking of the world’s 2,000 largest public companies, which also looked at the Google’s $207.5 billion (an increase of 24 percent from the same time last year) and Microsoft’s $163 billion (an increase of 30 percent) were the first and second runners-up, respectively. Thanks to the result, it is made known the effect of the global shutdowns on worldwide economy.

According to Forbes, most companies on this year’s Global 2000 list have seen their market values drop considerably since last year, and woeful first-quarter earnings provide a painful insight into the impact of the Great Cessation.

The past few months have been especially brutal for the airlines, which saw demand drop lower than after 9/11. American Airlines, for instance, fell from No. 372 on the list to 967th after losing a staggering $2.2 billion in its first quarter. Therefore, this annual ranking not only serves as a report for success but also a warning for more trouble ahead in the coming months.

Despite massive earnings beats from big tech companies. Amazon AMZN, Apple, and Facebook all reported better than expected quarterly results, despite a global slowdown from a pandemic.

However, while shares of Big Tech companies are among the best-performing stocks so far this year, there are rising concerns on Wall Street that heavy market concentration in this handful of big names could pose downside risks to the market.

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