Apple tops Saudi Aramco as world's most valuable company

NEW YORK - Apple became the world's most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings.

It's the first time the company's valuation has surpassed that of Saudi Arabia's national oil company, which made its market debut in Riyadh in December, and is valued at US$1.76 trillion.The dethroning of Aramco comes after a tumultuous period for the Saudi company. Its initial public offering fell short of Crown Price Mohammed bin Salman's expectations.

Then came this year's plunge in crude prices as energy demand crashed with the spread of the virus. Aramco's second-quarter revenue probably dropped to about US$37 billion from US$76 billion a year earlier, according to analyst estimates compiled by Bloomberg. That's less than the US$59.7 billion in sales that Apple reported for its most recent period.

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