From oilprice. Apple becomes the most valuable company in the world. Saudi Aramco drops to second. From the linked article:
Aramco’s Q2 report will not be available until August 9, and it will be a reflection of the overall state of the oil market in Q2—in other words, it isn’t going to be pretty.
Aramco’s Q1 profit fell 25%, and that was well before the coronavirus infiltrated the world and created widespread lockdowns. In fact, oil prices were only really low during the last few weeks of Q1.
But in March, Aramco lowered its April OSP. In April, it lowered May’s OSP; each cut another blow to the world’s largest oil producer. It wasn’t until May when Aramco boosted its next-month OSP—the last month of the quarter.
This will likely result in Aramco’s Q2 revenue coming in south of $40 billion, compared to $75 billion this time last year.
Compare that to Apple’s nearly $60 billion in revenue for the quarter, and you have a new king of the hill.Most recent quarter, revenue:
- Saudi Aramco: estimated: < $40 billion
- Apple, actual: nearly $60 billion