A Saudi company has become the most expensive company in the world after higher oil prices pushed shares of the world’s largest crude oil exporter to record levels.
Saudi company Aramco has overtaken Apple and become the most expensive company in the world, after higher oil prices pushed the shares of the world’s largest crude oil exporter to record levels, according to the Financial Times.
The market capitalization of the oil company in Saudi Arabia costs 2.426 trillion. dollars, surpassing the $ 2.415 trillion Apple by just over $ 10 billion.
This is the first time that Aramco has regained its first place since 2020.
Apple became the first company to reach a market capitalization of 3 trillion. dollars in early January, although its shares have suffered in recent months as investors overestimated the high ratings in the technology sector.
The iPhone maker performed better than some technology companies, falling 19% from its highest level in January. The shares of Apple fell 5.2% to $ 146.50, putting the stock price at its lowest price since November.
As Apple recently recorded its third best quarter in revenue so far, CEO Tim Cook said supply shortages and blockages in China would cost the company up to $ 8 billion this quarter.
Some analysts have questioned the overall comparisons of the companies, given that Apple is a public company founded in a garage in California in 1976, while Saudi Aramco is backed by the giant state.
Saudi Aramco raised a record $ 25.6 billion in 2019 when the kingdom, which owns 94% of the company, announced a 1.5% stake in what was then the world’s largest initial public offering. In February, the government transferred an additional 4% of its shares to the Saudi sovereign wealth fund.
Shares of Aramco, which are listed in Riyadh, have risen 28% since the beginning of the year to trade at a record $ 12.27.
Oil prices, which rose to a 14-year high of $ 139 a barrel in March after Russia invaded Ukraine, helped some of the world’s largest oil and gas companies make record profits in the first three months of the year.
The company’s net income doubled to $ 110 billion as resumed economic activity following easing global restrictions on the coronavirus revived demand for hydrocarbons.
Apple discontinued production of the iPod after 20 years on the market
Apple will discontinue production of the iPod after more than 20 years on the market, Reuters reported. The popular digital portable device revolutionized the music industry in the early 2000s, benefiting from the company’s other flagship products such as the iPhone.
The iPod Touch, the only version of the portable music player still on sale, will be available while stocks last, Apple said.
Since its release in 2001, the iPod has been at the forefront of competing music players, before being overshadowed by smartphones, online music streaming, and the rise of the iPhone.
The iPod has undergone several changes since its inception, with the main advantage being the capacity to store 1000 songs and 10 hours of battery life. The version that still exists today – iPod Touch – was released in 2007, the same year as the iPhone.
Apple stopped reporting iPod sales in 2015.
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