Apple briefly overtakes Saudi Aramco to become the world's largest company

Apple Inc shares surged as much as 7.1% to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker briefly overtake Saudi Aramco to become the world's largest public company.

Shares of the company rose to a record high of $412 in early trading. Closing at that level will give it a market capitalization of $1.786 trillion.

Saudi Aramco, which has been the largest public company since going public last year, had a market capitalization of $1.76 trillion as of last close.