Apple is now the world’s most valuable publicly-traded company, taking over Saudi state oil giant Aramco.

Despite the ongoing Coronavirus pandemic, Apple shares closed up by 10.47 percent, giving it a market valuation of $1.84 trillion. In comparison, Saudi Aramco, which had been the most valuable publicly listed company since its market debut in 2019, now stands at $1.76 trillion.

“We’re conscious of the fact that these results stand in stark relief during a time of real economic adversity,” Apple CEO Tim Cook said of the company’s blowout quarterly earnings.

“Despite Covid-19 headwinds, Apple grew revenue in every segment and geography, beating consensus revenue by 14 per cent as ecosystem engagement rises,” Morgan Stanley analysts wrote in a research note.

This news comes after Apple announced strong fiscal third-quarter earnings of $59.7 billion.