Oil firm Aramco regains ‘Most Valuable Company’ title from Apple


Apple has lost the top spot in the ‘world’s most valuable company’ to oil giant Aramco.

Most Valuable Company

On Wednesday, Apple stock went down to around 5% and nearly 20% since the beginning of 2022, with market capitalization dropping to $2.37 trillion. Investors have sold shares in tech companies and cryptocurrency in exchange for safer assets. Meanwhile, Aramco, a Saudi Arabian oil firm, enjoyed a rise in stock value to more than 27 percent starting this year, with double profits due to increased oil demand and prices. Aramco’s valuation in the stock market has hit $2.43 trillion.

Apple’s loss in the pole position came after the firm reported a $97.3 billion Q2 revenue, which broke the record for March. Only the iPad revenue dipped down by around 2 percent compared to the previous year, but numbers for Services, Wearables, Mac and iPhone enjoyed tremendous growth in terms of sales and revenue.

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Samantha Wiley

Samantha is a senior news editor at iLounge. She has been covering the technology industry for over five years, writing about Apple, Google, and other major companies. Samantha has also worked as a reporter and editor for several other publications.