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

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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.