By Subrat Patnaik and Noel Randewich
(Reuters) - Apple Inc (NASDAQ:AAPL)'s stock hit a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker briefly overtake Saudi Aramco (SE:2222) to become the world's most valuable publicly listed company.
Apple's stock surged to as high as $412.22 a share, putting its market capitalization at $1.762 trillion, according to the share count provided by Apple in a regulatory filing on Friday.
Saudi Aramco, which has been the most valuable publicly listed company since going public last year, had a market capitalization of $1.760 trillion as of its last close, according to Refinitiv data.
Last up 6.2% at $408.78 in midday trading, Apple's market capitalization stood at $1.748 trillion. After Apple bought back $16 billion worth of shares in the June quarter, it had 4,275,634,000 outstanding shares, as of July 17, according to the filing.
Graphic: Apple briefly becomes world's most valuable company - https://fingfx.thomsonreuters.com/gfx/mkt/rlgpdnxerpo/Pasted%20image%201596208713359.png
With Friday's stock gain, Apple's has surged about 40% year to date, with investors betting that it and other major U.S. technology companies will emerge from the coronavirus pandemic stronger than smaller rivals.
In its quarterly report, Apple announced a four-for-one stock split, with trading on a split-adjusted basis starting on Aug. 31. It will be Apple's first share split since 2014.