Fueled by a knockout earnings report late last week, Apple has overtaken Saudi Aramco to become the world’s most valuable publicly-traded company.

The Cupertino, California-based tech giant now boasts a market valuation north of $1.8 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now sits at about $1.75 trillion.

Aramco, Saudi Arabia’s majority state-owned oil conglomerate, has suffered this year as the price of oil has been hammered amid the global coronavirus pandemic. Airlines and cruise lines came to virtual standstills and many consumers are still limiting automobile travel.

Apple has made a remarkable recovery from its pandemic-driven low in March, as its shares have continuously been on an upward trend since then, registering a robust 44% gain just this year.

In its third-quarter earnings call, Apple reported a 11% year-over-year growth and later announced a four-for-one stock split, which may entice an entirely new crop of investors. The move is offered “to make the stock more accessible to a broader base of investors,” according to the earnings release.

Analysts are anticipating that the ongoing pandemic will keep on boosting Apple’s Mac and iPad sales.

“Despite COVID-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14% as ecosystem engagement rises,” Morgan Stanley analysts, who raised their price target on Apple to $430 per share from $419, wrote in a research note.

The analysts remain highly bullish on the “increased importance of consumer computing devices to support work, play and learn from home benefiting iPad/Mac sales.”

Analysts at Piper Sandler echoed the bullish stance by saying that Apple’s Mac and iPad units are “actually benefiting nicely” due to remote work and distance learning trends.

The company’s iPad sales increased by 31%, and its “other products” category—including AirPods and the Apple Watch—expanded 17% from the third quarter last year. Mac revenue also enjoyed a nearly 18% gain from a year ago.

“Apple’s record June quarter was driven by double-digit growth in both products and services and growth in each of our geographic segments,” Apple CEO Tim Cook said in a statement.

“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters.