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