Saudi Aramco abdicates Apple as the world's most valuable company: Report

Saudi Aramco abdicates Apple as the world’s most valuable company: Report

Saudi Aramco accused Apple of being the most valuable company in the world on Wednesday as soaring oil prices pushed up stocks and tech stocks fell.

Saudi Arabia’s National Oil and Natural Gas Company, which is being billed as the world’s largest oil producer, was valued at $ 2.42 trillion based on stock prices at the end of the market.

Meanwhile, Apple’s share price has fallen in the past month and was worth $ 2.37 trillion when official trading closed on Wednesday.

In strong consumer demand, stock prices fell, despite Apple’s higher-than-expected profits in the first three months of the year.

However, Apple has warned that the blockade of China Covid-19 and ongoing supply chain issues will reduce June quarter results from $ 4 billion to $ 8 billion.