Apple is now the most profitable company in the world
- Apple has risen from 3rd place to become the world’s most profitable company.
- These new rankings come from the Fortune Global 500 list.
- Apple is also now ranked 6th in the world in terms of revenue.
In new rankings published today by the Fortune Global 500 list, Apple is now the most profitable company in the world, rising from 3rd place last year. Apple has also become the 6th in terms of revenue, rising from 12th last year.
Throughout the fiscal year of 2020, Apple gained about $57 billion in profit, ending Saudi Aramco’s two-year period as the world’s most profitable company. Fortune stated that the pandemic created both challenges and opportunities for Apple, and it hit a new all-time record for revenue at $275 billion.
The pandemic created challenges and opportunities for Apple. CEO Tim Cook had to close stores and send home engineers. But with Apple customers worldwide working and learning from home, iPad and Macintosh computer sales skyrocketed to their highest levels ever. And fiscal-year revenue hit an all-time record too, of $275 billion. That helped Apple’s stock price soar; it gained 80.7% in 2020. As that year wound down, regulators fixed their sights on Apple for potentially abusing its power over the iOS app store. A House Judiciary antitrust subcommittee report in October concluded that Apple “exerts monopoly power” in its app store to harm competition and increase prices for consumers. Meanwhile, testimony in an antitrust lawsuit filed by Fortnite developer Epic Games will likely increase pressure on legislators to limit Apple’s power.
The full breakdown of Fortune Global 500’s top ten companies in terms of revenue is below, with Apple coming in 6th. This year is the eighth year in a row that Walmart has topped the list.
- Walmart (US)
- State Grid (China)
- Amazon (US)
- China National Petroleum (China)
- Sinopec (China)
- Apple (US)
- CVS Health (US)
- UnitedHealth Group (US)
- Toyota Motor (Japan)
- Volkswagen (Germany)
With Apple set to release many new products this year including the iPhone 13 lineup and new MacBook models, it is likely it will stay high on the Fortune Global 500 list in the coming years.
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