Apple Takes the First Spot in Terms of Profit in Fortune Global 500 Rankings
Apple has scored the first spot from third in terms of profit in the Fortune Global 500 ranking of the world's biggest companies. In addition to this, Apple also climbed up to sixth place from twelfth for revenue generation. The numbers are great and holding record-high numbers. Scroll down to see more details on the rankings.
Apple Also Took Sixth Spot From Twelfth For Revenue in Fortune Global 500 Rankings
Apple made headlines with its $275.515 billion in revenue, out of which $57.411 is the company's profit. While major it is still a decent amount of increase compared to last year's revenue of $260.174. Moreover, the company now employs 10,000 more people than it did last year and the total number now reaches 147,000.
According to Fortune 500, Apple is the most profitable company in the world. The runner-up is Saudi Aramco with $49.287 billion, followed by SoftBank at $47.053 billion, and Industrial and Commercial Bank of China with $45.783 billion. In terms of revenue, the only companies to surpass Apple are Walmart, State Grid, Amazon, China National Petroleum, and Sinopec Group.
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.
Apple has been resting in Fortune Global 500 category since 2013. Moreover, the company has been ranking in the top 5 for eight consecutive years. We will share more details on Apple's position in the market as soon as we have further information on the subject.
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