100s of titles, one news app for just $10 a month.
Dive Deeper:
Saudi Aramco overtakes Apple as world’s most valuable company
Soaring commodity prices swell oil giant’s profits as tech stock slide pegs back iPhone maker
Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
Saudi Aramco has beaten Apple Inc (NASDAQ: AAPL) to become the most valuable company, 
Saudi Aramco becomes world's most valuable company, dethroning Apple
San Francisco (AFP) - Saudi Aramco on Wednesday dethroned Apple as the world's most valuable company as surging oil prices…
Boss of world’s biggest microchip maker SMIC says smartphone demand dropping ‘like a rock’
The world’s biggest microchip maker has said demand for mobile phones and computers has dropped “like a rock” as war…
One subscription that gives you access to news from hundreds of sites
Apple iPhone Manufacturer Foxconn Warns Of Cooling Smartphone Demand
Apple manufacturing partner Foxconn warned of cooling smartphone demand and supply chain challenges that the company is facing in China.
SoftBank reports record $13 bn full-year net loss
Tokyo (AFP) - Japan's SoftBank Group on Thursday logged a record annual net loss after a bruising period that saw…
Get all your news in one place
Latest Business news:
Bitcoin Recovers After Longest Run of Weekly Losses Since 2011
Bitcoin recovered to trade just above the $30,000 level where it’s been mostly hovering since the collapse of the TerraUSD…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
How to Make Money (or Even Get Rich) During a Stock Market Crash
A crash creates buying opportunities if you can develop the right mindset.
HSBC suspends head of responsible investing who called climate warnings ‘shrill’
Bank investigating Stuart Kirk’s conference speech deriding flooding risks and climate warnings from UN and Bank of England
Former NAB manager quizzed on Star scheme
A former NAB employee has told an inquiry into Star Entertainment Group's Sydney casino he had no knowledge of a…
After $5 Trillion Rout, Emerging Markets Seek Turnaround Signal
The wreckage of a $5 trillion rout in emerging markets is starting to look like a buying opportunity to some…
From analysis to good news, read the world’s best news in one place
New Zealand PM Ardern to visit U.S. to boost exports, lure tourists
New Zealand Prime Minister Jacinda Ardern will visit the United States this week in a bid to boost exports and…
Rod Sims says Facebook should be forced to negotiate with SBS under news media bargaining code
Despite dozens of deals to pay Australian news publishers for content, social media company has left out SBS and the…

Apple no longer world's most valuable company. Check out the new No 1

The sinking share price came despite Apple reporting better-than-expected profits in the first three months of this year amid strong consumer demand. (REUTERS)

The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at close of market. Apple, meanwhile, has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.

Earlier this year, Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s. Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. Apple remains the largest stock among U.S. companies. Microsoft Corp., in second place, has a market capitalization of $1.95 trillion.

The sinking share price came despite Apple reporting better-than-expected profits in the first three months of this year amid strong consumer demand. But, Apple warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.

The results looked good following stumbles by some Big Tech peers as growth from the stay-at-home demand amid the pandemic slows and companies confront rising operating and labor costs.

Oil giant Saudi Aramco recently reported a 124 percent net profit surge for last year, hours after Yemeni rebels attacked its facilities causing a "temporary" drop in production.

As the world economy started to rebound from the Covid-19 pandemic, "Aramco's net income increased by 124 percent to $110.0 billion in 2021, compared to $49.0 billion in 2020," the company said.

The kingdom, one of the world's top crude exporters, has been under pressure to raise output as Russia's invasion of Ukraine and subsequent sanctions against Moscow have roiled global energy markets.

Inflation could cause a drop in consumption, reducing demand for oil, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises and supply chain woes.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Saudi Aramco overtakes Apple as world’s most valuable company
Soaring commodity prices swell oil giant’s profits as tech stock slide pegs back iPhone maker
Data Is The New Oil? Not Yet! Saudi Aramco Surpasses Apple To Become Most Valuable Company
Saudi Aramco has beaten Apple Inc (NASDAQ: AAPL) to become the most valuable company, 
Saudi Aramco becomes world's most valuable company, dethroning Apple
San Francisco (AFP) - Saudi Aramco on Wednesday dethroned Apple as the world's most valuable company as surging oil prices…
Boss of world’s biggest microchip maker SMIC says smartphone demand dropping ‘like a rock’
The world’s biggest microchip maker has said demand for mobile phones and computers has dropped “like a rock” as war…
One subscription that gives you access to news from hundreds of sites
Apple iPhone Manufacturer Foxconn Warns Of Cooling Smartphone Demand
Apple manufacturing partner Foxconn warned of cooling smartphone demand and supply chain challenges that the company is facing in China.
SoftBank reports record $13 bn full-year net loss
Tokyo (AFP) - Japan's SoftBank Group on Thursday logged a record annual net loss after a bruising period that saw…
Get all your news in one place