Apple continues to move up the rankings of the Fortune Global 500 largest companies. New rankings published today show that Apple is now the most profitable company on the list, rising from third place last year, and is now in sixth place in terms of revenue, up from 12th place last year.
In the fiscal year of 2020, Apple netted $57 billion in profit, making it the most profitable company in the world according to Fortune’s list. Apple’s jump to No. 1 ended Saudi Aramco’s two-year reign as the most profitable company. It’s $57 billion in profit for fiscal 2021 is up from $55 billion in the previous year.
Fortune writes that the pandemic crated both new challenges and opportunities for Apple, and despite the looming antitrust concerns, Apple hit a new all-time record for revenue at $275 billion:
Here is the breakdown of the top 10 companies on the Fortune Global 500 list in terms of revenue. This marks the eighth year in a row that Walmart has topped the list in terms of revenue:
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.
You can find the full rankings and details on the Fortune website right here.
