Apple is now the world’s most profitable company, ranking sixth among global corporations by revenue, according to an update to the Fortune Global 500 list.
The Cupertino tech giant’s revenue now stands at $ 274.515 billion, with $ 57.411 billion in profit, according to the Fortune 500 global list update on monday. Although it is a modest increase from 2020, the 500 global The ranking now includes Apple as the world’s leading company in terms of profits.
Behind Apple is Saudi Aramco in second place with $ 49.287 billion in profit. SoftBank Group ranked third with $ 47,053 billion and Industrial & Commercial Bank of China ranked fourth with $ 45,783.
Apple also moved up the revenue rankings, going from twelfth to sixth place in the latest update. The company is now only behind Walmart, State Grid, Amazon, China National Petroleum, and Sinopec Group, in that order, in terms of total revenue.
“The pandemic created challenges and opportunities for Apple. CEO Tim Cook had to close stores and send engineers home,” he wrote Fortune “But with Apple customers around the world working and learning from home, iPad and Macintosh computer sales soared to their highest levels. And fiscal year revenue also hit an all-time high of $ 275 billion.”
Fortune He also notes that Apple’s stock price gained 80.7% in 2020.
In addition to highlighting Apple’s fiscal and stock performance, the post also pointed to Apple’s antitrust battles toward the second half of 2020.
“As that year ended, regulators took notice of Apple for potentially abusing its power over the iOS app store.” Fortune wrote. “A House Judiciary antitrust subcommittee report in October found that Apple” exercises monopoly power “on its app store to hurt competition and drive up prices for consumers. Meanwhile, testimony in a lawsuit Antitrust filed by Fortnite developer Epic Games will likely increase pressure on lawmakers to limit Apple’s power. “
Apple has been in the top 20 in the Fortune Global 500 classifications for eight years. In June, the company also ranked third in the Fortune 500 list of largest US companies