Wesley Hilliard
The 66th Fortune 500 list was released on Monday morning detailing the largest corporations in the United States, with Apple slipping a bit to the number four spot.
Apple was ranked third in 2019, with Amazon pushing them down one by moving into the number two position. Apple saw $260 billion in revenue, behind Exxon with $264 billion and Amazon with $280 billion. Walmart continues to be the number one company for the eighth year in a row with $523 billion in revenue.
Apple's revenue fell 2% with $55 billion in profits, a 7% drop in profits year-over-year. Apple is still the most profitable tech company, beating out Microsoft's $39 billion in profit. However, Fortune notes that the market holds Microsoft as the most valuable company by stock, at a $1.38 trillion market cap. Apple is not far behind at $1.33 trillion, with Amazon in third at a $1.2 trillion market cap.
Amazon pushed Apple to the number four spotFortune goes on to detail Apple's finances, stating that iPhone sales fell 14%, which is 55% of Apple's total revenue. Apple services grew 16%, and makes up 18% of the total revenue. Wearables grew 41%, while only making up 9% of the total.
The numbers are all based on revenue generated in the fiscal year 2019. Apple has appeared on the Fortune 500 list for 38 years. This entirety of the Fortune 500 ranking represents two-thirds of the U.S. economy with $14.2 trillion in revenue.
Charles Martin
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10 Comments
I’ve never understood why Fortune ranks by revenue and not profit. I remember for years and years GM and Ford were at the top of the list and if I recall correctly GM was usually 1. All those years of earning the most revenue didn’t help when it came time to bail them out.
Revenues are just numbers....same w market capitalizations....it can changed in a heart bit. Much just like covid-19 did...Profits in the meantime tells the health of a company, its survivals and its ability to switch products or services because they have money to burn....thats just me I guess
Almost certain that Exxon will have a lowering of income with the Covid reducing fuel use and the price dropping.