Apple Places Sixth on Fortune’s Global 500 But Ranks First in Profitability
Apple has placed sixth on Fortune’s Global 500 list, moving up six spots from last year. The list ranks companies by total revenues for their respective fiscal years ended on or before March 31, 2021.
Fortune has Walmart in first, followed by State Grid, Amazon, China National Petroleum, and Sinopec Group.
Here’s what the magazine had to say about Apple…
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.
Notably, while Apple comes in sixth on the main list, it placed first in profitability. Following Apple is Saudi Aramco, SoftBank Group, the Industrial & Commercial Bank of China, and Microsoft.
Check out the full Fortune Global 500 list at the link below…
[Most Profitable]
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