Saudi Aramco surpassed Apple on Wednesday to become the world’s most valuable company. Aramco’s market capitalization was just below $2.43 trillion on Wednesday. Apple was worth $2.37 trillion after tripping more than 3% when official trading ended on Wednesday.
Despite posting greater revenue during the first three months of this year due to robust consumer demand, Apple’s stock has dropped. However, Apple indicated that China’s COVID-19 shutdown and other supply chain issues will cost the company $4 to $8 billion in the June quarter.
“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said on a conference call with analysts.
27% rise in the shares of Saudi Aramco
On the other hand, Saudi Aramco recently reported a 124 percent net profit surge for last year. “Aramco’s net income increased by 124 percent to $110.0 billion in 2021, compared to $49.0 billion in 2020,” the company said.
Aramco’s CEO Amin Nasser cautioned that the company’s outlook remained uncertain due in part to “geopolitical factors”.
“We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program, and increasing our liquids to chemicals capacity,” Nasser said.